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14 Jan, 08:45

Russia, Myanmar discussing mutual payments in national currencies

"Bilateral trade between the two countries will be increased through constructive dialogues at the national level by exchanging views on the potential of being able to connect with each other based on the needs of the market, resolving the difficulties encountered, and finding collaborative ways," Kan Zaw stressed

NAYPYIDAW, January 14. /TASS/. Russia and Myanmar are holding talks on launching mutual payments in the kyat-ruble currency pair to service the bilateral trade, Minister for Investment and Foreign Economic Relations of Myanmar Kan Zaw told TASS in an exclusive interview.

"We have been negotiating the kyat-ruble payment system to facilitate the bilateral trade. However, the Central Banks of the two countries have been keeping the current series of discussions at a very low profile," the minister said. No details of this process can be disclosed now, Kan Zaw noted.

"There are many opportunities and potentials that can be traded between the two countries, and the two governments have been cooperating and coordinating with each other to reduce the challenges. For the time being, we are identifying suitable transportation routes. Although some of the goods that are of interest to be imported by the Russian companies, such as rice, avocado, coffee and fisheries products, the transportation cost will be high when we use air transport," the minister said.

"Bilateral trade between the two countries will be increased through constructive dialogues at the national level by exchanging views on the potential of being able to connect with each other based on the needs of the market, resolving the difficulties encountered, and finding collaborative ways," he stressed.