India, Malaysia to trade in local currencies

NEW DELHI: India and Malaysia have reached an agreement to trade in local currencies. This was announced after a meeting between Prime Minister Narendra Modi and Malaysian Prime Minister Anwar Ibrahim here on Tuesday.

“Trade between India and Malaysia can now be settled in Indian Rupees (INR) and Malaysian Ringgits (MYR). Last year, an investment worth $5 billion from Malaysia to India has been worked on. Today we have decided to elevate our partnership to a Comprehensive Strategic Partnership,” said PM Modi.

This comes after the Enhanced Strategic Partnership between India and Malaysia completed a decade.

PM Ibrahim is on his first official visit to India. However in his individual capacity he has visited India many times. “I had come as a student leader when Indira Gandhi was the PM. India is an enigma,” he said.

“In the neighbourhood, there is an issue in Myanmar and though we haven’t recognised the government we want things to settle down.