Kuala lumpur: Malaysia and India have agreed to expedite the use of the ringgit and rupee in bilateral trade and investment, announced Prime Minister Datuk Seri Anwar Ibrahim. Anwar stated that Bank Negara Malaysia and the Reserve Bank of India will collaborate closely to promote local currency settlement using the ringgit and rupee, aiming to facilitate more efficient and cost-effective transactions. According to BERNAMA News Agency, during a joint press conference with Indian Prime Minister Narendra Modi, Anwar highlighted the potential benefits of using local currency in digital connectivity, energy, and semiconductor sectors. Modi's official visit to Malaysia, which took place from February 7, was at Anwar's invitation, following Anwar's visit to India in August 2024. Anwar, who also serves as Malaysia's Finance Minister, expressed optimism that Malaysia-India bilateral trade would surpass the US$18.59 billion recorded last year. He emphasized the strategic importance of strengthening relations between the two nations, which have enjoyed long-standing ties since 1957 and elevated their relationship to a comprehensive strategic partnership in 2024. The collaboration between Malaysia and India is expected to deepen across various fields, including trade and investment, semiconductors, digital economy, energy, agriculture, food security, defense, education, and security. Anwar mentioned efforts to review and optimize the Malaysia-India Comprehensive Economic Cooperation Agreement (MICECA) and welcomed the establishment of the Malaysia-India Digital Council (MIDC). In addition, Malaysia is in discussions with India to expand air traffic rights to accommodate growing tourism and trade demands. Anwar also noted progress by Malaysian companies Petroliam Nasional Bhd (Petronas) and Gentari in strengthening semiconductor value-chain cooperation and talent development in India. Malaysia's exports to India amounted to RM52.3 billion (US$12.24 billion), with key exports including palm oil and electronic products, wh ile imports totalled RM27.19 billion (US$6.35 billion), primarily consisting of agricultural, petroleum, and chemical products.