The fourth meeting of India Myanmar joint trade commission chaired by the Union Minister of Commerce, Industry and Textiles Shri Anand Sharma along with Mr U Win Myint, Minister of Commerce, Myanmar set the target of doubling the existing US$1.5 billion trade between India and Myanmar by 2015.
Some important salient features of the meeting are:
• The two countries recognized the need to start collaborating to build a Land Customs Station at India-Myanmar Border (at Mizoram) to facilitate the movement of vehicles and goods entering and leaving Mizoram state.
• The second border trade point at Zowkhatar(Mizoram) that will connect to Rhi in Myanmar has been inaugurated.
• Proposal to open two new border trade points – Pangsau Pass (in Arunachal Pradesh) and Avangkhung (in Nagaland).
• India agreed to help Myanmar in research and development of agricultural practices
and improving the seed variety.
• Indian companies proposed setting up of gas based units; invest in LNG infrastructure, etc.
• To strengthen the economic relationship both sides agreed to set up a ’Joint Trade & Investment Forum’ which would include both businessman and Government officials and would meet along with the Joint Trade Committee.
There will be boost in the trade between NE India and Myanmar after the completion of the Kaladan Multimodal Transit Transport Project comprising of a waterway component and a roadway component. The Project will open a direct trade corridor between Indian Ports on the eastern India and Sittwe Port in Myanmar and by road to Mizoram, thereby providing an alternate route for transport of goods to North-East India.
Currently, two items – pulses and wood products accounted for 97.5% of Myanmar’s total exports to India. Similarly, buffalo meat and pharmaceuticals accounted for 45% of India’s total exports to Myanmar.