New Delhi, July 16 (IANS): India and Myanmar on Thursday expressed satisfaction over the current state of their bilateral ties and said the two neighbours have entered "a new phase" in their relationship.

The two nations, at a meeting here, reviewed a wide range of matters of bilateral importance and agreed that greater bilateral cooperation between India and Myanmar will promote inclusive growth and development, and contribute to peace, prosperity and stability in their countries and the region.

While External Affairs Minister Sushma Swaraj led the Indian side, Foreign Affairs Minister of Myanmar U Wunna Maung Lwin headed his country's delegation to the first meeting here of the India-Myanmar Joint Consultative Commission (JCC), an official release said.

The two ministers also expressed satisfaction at the current state of India-Myanmar relations which are marked by warmth, cordiality and mutual respect.

"They noted that India and Myanmar had entered a new phase in their bilateral relations where, as a result of Myanmar's political and economic reforms and the rising growth and rapid economic and technological transformation, they had achieved commendable progress in their efforts to further strengthen the friendly ties," the statement said.

Both sides welcomed regular high-level exchanges, which helped promote deeper understanding and friendship and the broadening of the areas of cooperation between the two countries.