Oct 10, 2012

India, Myanmar bilateral trade likely to double

The bilateral trade between India and Myanmar is expected to more than double by 2015. According to U Kyaw Swe Tint, Consul General of the Republic of the Union of Myanmar, the trade is likely to grow from 1.28 billion U.S. dollars in 2010-11 to 3 billion U.S. dollars in 2014- 15.

Agriculture, health, education, mineral resources and pharmaceuticals could be key areas of co-operation to enhance trade between the two nations.

India and Myanmar have signed 12 MoUs for extending co- operation in areas like border area development, in the field of defence and analysis and the establishment of joint trade and investment fora among others. "These areas have to be well explored and developed to enhance trade relations between India and Myanmar," Kyaw Swe told the media recently at a function of the Bengal Chamber of Commerce and Industry.

India was one of the major export markets for the pulses and beans produced in Myanmar. "However, the export of pulses and beans to India has decreased in recent years. There is a need for co-operation to shore up the exports of pulses and beans to previous levels," he pointed out.

Despite being neighbors and sharing a common border, Myanmar and India have not been able to make optimal use of border trade, he said. "Even while the bilateral trade stood at 1.28 billion U.S. dollars, the border trade was just about 13 million U.S. dollars. Border trade volume is just a little over one percent of total trade. We have to seek ways and means to co-operate for the promotion of border trade," he said.

Source: Xinhua