Kathmandu, July 30 Nepal and Myanmar today signed a Memorandum of Understanding on establishing a bilateral consultation mechanism between Ministries of Foreign Affairs of Nepal and Myanmar, and an agreement on exemption of visa requirements for diplomatic and official (special) passport holders in Kathmandu. Foreign Secretary Shanker Das Bairagi and Permanent Secretary of the Ministry of Foreign Affairs of Myanmar U Myint Thu inked the MoU on the establishment of bilateral consultation mechanism. Likewise, MoFA Join-secretary Tapas Adhikari and Ambassador of Myanmar to Nepal ThiriPyanchi U Tun Nay Lin signed the agreement on exemption of visa requirements. Following the signing of pacts, the first meeting of bilateral consultation mechanism was held today. Bairagi and Thu led their respective delegations. During the meeting, the two secretaries reviewed the entire gamut of bilateral relations and exchanged views on further strengthening relations and cooperation between the two countries. They also shared their views on the importance of exchange of high level visits. In view of political stability in both the countries, the two sides acknowledged having huge potential for economic collaboration in trade, tourism, culture and investment sectors, according to a press release issued by the MoFA.