India signs 4 economic agreements with Myanmar

The first agreement is a bilateral investment promotion agreement (BIPA) signed to facilitate greater bilateral investment.

The Agreement provides a framework for the resolution of disputes, for promotion and protection of investment, for extending national treatment and most-favoured-nation treatment, for repatriation of investment and returns and also for entry of technical and managerial personnel.

Second is a credit line agreement between the Exim Bank of India and the Myanmar Foreign Trade Bank for Rs 256 crore for financing three 230 kv transmission lines in Myanmar to be executed by the Power Grid Corporation of India (PGCIL).

The third agreement is signed by the Exim Bank of India and the Myanmar Trade Bank for $20 million for financing an aluminium conductor steel reinforced (ACSR) wire manufacturing facility to be used for expansion of the power distribution network in Myanmar.

Fourth is an agreement between the United Bank of India (UBI) and the Myanmar Economic Bank for providing the banking arrangement for the implementation of the Moreh border trade agreement.