The 6th India - Myanmar Joint Trade Committee (JTC) Meeting co-chaired by Smt. Nirmala Sitharaman, Minister of Commerce & Industry from India and Dr. Than Myint, Union Commerce Minister from Myanmar was held on 27th June 2017 at New Delhi.
The Joint Trade Committee plays a key role in facilitating issues related to enhancement of the bilateral economic partnership between the two countries.
Both countries have long history of shared religious, linguistic and ethnic ties.
Myanmar is India’s gateway to South East Asia and ASEAN with which India is seeking greater economic integration through ‘Act East’ Policy.
Myanmar shares a long land border of over 1600 Kms with India as well as a maritime boundary in the Bay of Bengal.
The bilateral relationship has been further strengthened by the high level exchanges between our countries. Prime Minister of India visited Myanmar in November 2014 for the Twelfth India-ASEAN Summit. State counsellor of Myanmar visited India in October 2016
Trade and Commerce play a significant role in the bilateral relationship of the two countries, with India’s trade with Myanmar growing by 6.01% from USD 2.05 bn in 2015 -16 to USD 2.18 bn in 2016-17.
The total export achieved in 2016-17 was 1.11 USD Billion, reflecting an annual growth of 3.79%. The import stood at 1.06 USD Billion showing a growth of 8.43%.
During the meeting discussions were held on exploring the feasibilities of direct shipping lines with Sittwe port and Vizag/ Chennai. Similarly, the need for direct air connectivity with Chennai/ Guwahati was discussed.
The quick finalisation of the Mode of Operation(MoO) for making the Border Haats functional on the ‘India-Myanmar border’ was lauded.
It was noted that 10 points spread across 4 states viz., Arunachal Pradesh, Mizoram, Nagaland and Manipur, have been identified for operationalising Border Haats.
Both sides also agreed to explore opening of two new Border Trade Points at Pangkhuwa and Zoninpuri.
Both sides also agreed to deepen their engagements in some of the mutually identified core sectors.
Comprehensive MoUs would be explored in areas of Health Care and Textiles. The MoUs on capacity building between RBI and CBM signed on 22 September, 2015 and on cooperation in the field of Power Sector signed on 19 October, 2016 will be operationalised quickly.
The proposed MoU between RBI and Central Bank of Myanmar on currency exchange rate fixation also needs to be expedited. Myanmar side was also requested to explore the suggestion of opening of a Counsellor Office in the North-East.
Project Development Fund for CLMV was also highlighted. The 4th India - CLMV Business Conclave has emerged as the main B2B forum for countries of the region and India.
The 5th Edition is now poised to be organized in Cambodia. She expressed the hope that the Conclave along with JTIF set up by the Ministry will help faster growth of business to business contacts and FDI inflows between the two countries.
The Minister requested the Government of Myanmar and its business community to actively partner in India’s initiatives to strengthen her manufacturing capacities, viz. ‘Make in India’ and stated that India is also ready for a similar move in Myanmar.
