G20 Summit: India, Bangladesh sign MoU on Digital Payment

Prime Minister Narendra Modi and his Bangladesh counterpart Sheikh Hasina held bilateral talks, hours before the G20 summit. During the talk, the two countries signed 3 MoUs (Memorandam of Understanding).

One of the 3 MoUs includes cooperation in Digital Payment mechanisms.

"The MoU on cooperation in Digital Payment mechanism was signed between National Payments Corporation of India (NPCI) and Bangladesh Bank," the Ministry of External Affairs said in an official release.

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Another MoU focused on the renewal of the Cultural Exchange Program (CEP) between India and Bangladesh for 2023-2025. The third MoU was signed between the Indian Council of Agricultural Research (ICAR) and the Bangladesh Agriculture Research Council (BARC)

As per Financial Express, both leaders expressed their support for the settlement of bilateral trade in Indian Rupees and encouraged businesses on both sides to utilize this mechanism. Meanwhile, the operationalization of the Agreement on the use of the Chattogram and Mongla Ports were reportedly celebrated during the meeting.

The Financial Express report further mentioned that the leaders expressed eagerness to initiate negotiations on the Comprehensive Economic Partnership Agreement (CEPA). This agreement would encompass trade in goods, services, and the protection and promotion of investment, further solidifying economic ties.