India and Myanmar have decided to work together to launch India’s RuPay Card in that country at the earliest and explore the creation of a digital payment gateway, according to a joint statement issued during the Myanmar’s President U Win Myint to India.

The two countries also expressed interest in exploring a bilateral mechanism for settlement in local currency with the aim to boost cross border trade, according to the statement issued on Thursday evening.

Myint and First Lady Daw Cho Cho are paying a State visit to India from February 26-29. The President and his delegation are also visiting places of historical and cultural importance, including Bodh Gaya and Agra.

Prime Mnister Narendra Modi and Myanmar’s President Myint held talks at the Hyderabad House and 10 agreements were signed between the two countries. The focus of many agreements was on development projects under India’s assistance, particularly in the conflict-torn Rakhine state.

The two leaders said that for launching of the RuPay Card, the National Payment Corporation of India (NPCI) needed to adhere to Myanmar laws and regulations. They observed that its launch would stimulate the economy of Myanmar and facilitate tourism and business from India.

On the proposed creation of an India-Myanmar digital payment gateway, the countries expressed hope that it would help expand options for cross border remittance between the two countries.

For exploring a bilateral mechanism for settlement in local currency with the aim to boost cross border trade, the two sides agreed to expeditiously convene the existing mechanism of India-Myanmar Joint Trade Committee meetings, the statement noted.

Both sides recognised the mutual benefit of greater integration in the energy sector between the two countries. “India and Myanmar agreed to cooperate in the field of petroleum products, for cooperation in refining, stockpiling, blending and retail through a Government-to-Government Memorandum of Understanding,” the statement said.

Both agreed to encourage and facilitate cooperation among oil and gas companies of India and Myanmar for development of petroleum products, including enhancing trade and investments in this area.