India, Myanmar to remove bottlenecks to boost trade

NEW DELHI: India and Myanmar today agreed to enhance trade and investment between the countries by removing bottlenecks such as lack of good connectivity and banking arrangements.

The issues came up for discussion during the 5th India-Myanmar Joint Trade Committee (JTC) meeting, which was held in Nay Pyi Taw today.

The meeting was co-Chaired by Commerce and Industry Minister Nirmala Sitharaman and Myanmar’s Commerce Minister U Win Myint.

“Both sides agreed to work together to remove the bottlenecks hampering the bilateral trade and investment such as lack of good connectivity, lack of banking arrangement both for regular and border trade,” an official statement said.

It said that India has offered to support Myanmar to develop infrastructure at the border trade points, upgrade trade training institutes in Yangon and also provide training to Myanmar officials on WTO and international trade related issues.

Besides, New Delhi would support in establishing direct shipping links between the countries to promote bilateral trade, it added.

The two ministers also reiterated their commitment to increase cooperation in the field of promoting two-ways investment, infrastructure development particularly to promote border trade, connectivity, agriculture, energy, skill and entrepreneurial development, pharmaceutical and people-to-people contacts.

Both sides agreed to hold the next Joint Trade and Investment Forum meeting in Chennai during which Myanmar would organize a roadshow showcasing investment opportunities in Myanmar especially in the special economic zones.

The two ministers also agreed to jointly inaugurate the land custom station in Zawkhatar, Mizoram shortly at a mutually convenient date.

The bilateral trade stood at USD 2.18 billion in 2013-14.

Source: The Economic Times

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