Myanmar and India's bilateral trade has a larger untapped potential : Nirmala Sitharaman

Posted by Daily Shipping Times on 30-06-2017        Tweet

India’s trade with Myanmar grew by 6.01% from $2.05 bn in 2015 -16 to $2.18 bn in 2016-17

NEW DELHI: The 6th India – Myanmar Joint Trade Committee (JTC) Meeting co-chaired by the Commerce Minister Nirmala Sitharaman and Dr. Than Myint, Union Commerce Minister from Myanmar was held on June 27, 2017 at New Delhi.

Myanmar is India’s gateway to South East Asia and ASEAN with which India is seeking greater economic integration through the ‘Act East’ Policy. The country shares a long land border of over 1600 kms with India as well as a maritime boundary in the Bay of Bengal. 

India’s trade with Myanmar grew by 6.01% from $2.05 bn in 2015 -16 to $2.18 bn in 2016-17. The total export achieved in 2016-17 was $1.11 bn, reflecting an annual growth of 3.79% while the imports from that country was at $1.06 bn reflecting a growth of 8.43%.

Speaking on the occasion Nirmala Sitharaman said that the bilateral trade potential between the two countries is yet to be tapped and sought cooperation of the Myanmar side in actively pursuing enhanced road, sea and air connectivity between the two countries. Highlighting the progress made by India in various key projects such as the India-Myanmar-Thailand highway and the components of the Kaladan Multimodal Transport Project, she sought the cooperation of the Myanmar side to expedite work from their side. India is also exploring the possibility of connecting Vizag or Chennai through direct shipping lines to the Sittwe Port. An option to connect through air too was mooted.

Making a mention of the four Border Haats that India has with Bangladesh, the Minister said since Dec 1, 2015 normal trade has been effective between both the countries, and was anticipating the finalisation of the Mode of Operation(MoO) for making the Border Haats between India and Myanmar functional. Both the countries have earmarked 10 points spread across 4 States viz., Arunachal Pradesh, Mizoram, Nagaland and Manipur, for operationalising Border Haats and simultaneously agreed to have 2 new Border Trade Points at Pangkhuwa and Zoninpuri.