Oct 2, 2011

India, Myanmar to double bilateral trade by 2015

India and Myanmar Tuesday agreed to double bilateral trade to 3 billion U.S. dollars by 2015 through diversifying trade baskets and reducing barriers, especially tariffs, according to a trade commission meeting.

Indian Commerce and Industry Minister Anand Sharma said at the 4th meeting of India-Myanmar joint Trade Commission here that businesses of both countries need to be encouraged to utilize Duty Free Tariff Preference Scheme and India-ASEAN free trade agreement to diversify trade.

The minister said with diversification of trade, India should become a leading trading partner of Myanmar.

Farm and wood products account for 97.5 percent of Myanmar's total exports to India, while buffalo meat and pharmaceuticals account for 45 percent of India's exports to Myanmar.

India-Myanmar bilateral trade totaled 1.5 billion U.S. dollars last year.

India and the Association of South East Asian Nations (ASEAN) have signed a free trade agreement which has come into effect in January 2010.

Sharma said India is also keen to invest in Liquefied Natural Gas infrastructure in Myanmar.

Myanmar's commerce minister U Win Myint co-chaired the joint trade meeting.

Source: Xinhua