Imphal, February 17: The Singapore-based Asian Clearing Unit (ACU) is informed to have approved �euro� instead of letter of credit (LoC) system for border trade between India and Myanmar.

According to informed source, a daylong deliberation session held at Kolkata on February 15 discussed at length on improving trade volume between the two neighbouring countries with the prospect of expanding the Moreh-Tamu route figuring prominently in the meeting.

The session held under the theme �India-Myanmar Trade & Commerce: Challenges & Prospects� was organised by Indian Chamber of Commerce in association with Indo-Myanmar Chamber of Commerce & Industries wherein Consul General U soe Paing of Consulate General of Union of Myanmar, Kolkata inaugurating the programme as the chief guest.

The programme attended by representatives of the Indian Chamber of Commerce, major Indian firms and myanmarese delegates speakers strongly advocated lifting of restriction on all trade items.

In addition to the Myanmar delegates pitching for promotion of cross-border tourism, the deliberation also centred around improving infrastructures for land route transportation of commercial goods through the Moreh-Tamu section rather than the current practice of depending on the arduous and expensive sea routes.

On opting for �euro� currency for the border trade, the source said Myanmar Government had been opposing reliance on the �dollar� consequently leading to favouring the European Union currency.

Apart from noting recent developments in the infrastructure sector between India and Myanmar, the meet also stressed on improving banking facilities in the Moreh-Tamu section of the neighbouring countries.

Comment