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IPGA pitches for rupee-based trade with Myanmar; Seeks opening investment avenues in agri-sector

29 Sep 2022 2:33 pm
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Mumbai, 29 Sep (Commoditiescontrol): India's pulses trade body, India Pulses and Grains Association (IPGA), has made a pitch for rupee-denominated trade major supplier of pulses such as black matpe (urad) and pigeon pea (tur), help further boost bilateral trade between India and Myanmar.

IPGA suggested that the export-import trade be directly carried out by the business entities in both the countries.

Presently, the pulses trade between Indian and Myanmar is largely carried out through the entities based in Singapore and is denominated in US dollar.

Reserve Bank of India (RBI) has initiated steps to support rupee-denominated trade. The regulator of banks in India has put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in rupee.

RBI has made prior approval from its Foreign Exchange Department as a mandatory requirement before implementing this mechanism.

Myanmar is one of the key pulses supplier to India, especially for pegion peas, urad whole and moong beans, for last four decades.

The apex body recently hosted a trade delegation from Myanmar, led by Mr Tin Htut Oo, Union Minister of Agriculture, Livestock and Irrigation, Myanmar, and held discussion on various opportunities, avenues and platforms to improve sustainable business between two neighbouring countries.

IPGA has also requested Myanmar government to consider opening investment avenues for Indian entrepreneurs in the agriculture sector. Myanmar can look to incentives such investments.

(By Commoditiescontrol Bureau; +91-22-40015513)


       
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