Trade Agreement Between India And Myanmar

To make banking institutions even easier, the two banks will be connected by phone. The central government is reviewing the investigation report carried out by Manipur telecommunications officers for the hotline facilities between Moreh and Tamu banks. Once this facility goes live, exchanging cash would become not only legal, but also much easier. The volume of trade is also expected to increase automatically. As early as 1950, Indonesia`s first president, Sukarno, recognized the importance of Indonesia-India relations and called for a greater trade relationship. In November 2005, Indonesia and India signed a bilateral strategic partnership agreement in which the two countries agreed to increase bilateral trade to $10 billion by 2010. This target was even exceeded this year, with a total trade of about $12 billion, which means tripling the $4 billion amount of 2005. Bilateral trade between India and Indonesia increased by $20 billion in 2012 and is expected to reach $25 billion in 2015. India`s Ministry of Commerce is working to identify sectors and ways to improve trade between the two countries. Myanmar`s LDC status can also benefit Indian companies by having a production base in Myanmar.

The conclusion of the BIMST-EC Free Trade Agreement between Nations is an urgent requirement in order to facilitate free trade between Member States. Bilateral trade between India and Myanmar reached $650 million in the 2006/2007 fiscal year. It amounted to $341.40 million in 2004-2005. It jumped to 557.68 million in 05-06. This represents a 24 per cent increase over 2004-05. As the current Indian Ambassador to Myanmar, Saurabh Kumar, pointed out: „In the coming years, India`s ambitious `Act East` foreign policy will improve the quality of India-Myanmar relations. This would be achieved not only through efforts from one government to another, but also through sustainable public awareness, investment promotion and partnerships with the private sector, businesses and people. The two countries must cooperate and learn from one another. India and Myanmar have several institutional mechanisms to ensure regular consultations between the two governments. Consultations with the Ministry of Foreign Affairs are conducted by the Minister of Foreign Affairs and Secretary of State of Myanmar. Trade issues are discussed in the Joint Trade Committee (JTC) at the level of trade ministers. There are joint working groups to discuss cooperation in the areas of border and border trade, railways and navigation.

Recently, POWER PLANTS have also been set up to discuss cooperation in the energy and health sectors. From this point of view, there is a growing awareness at the level of New Delhi to focus significantly on India-Myanmar relations. This is also reflected in the fact that in recent years, almost every year, visits have been held at the level of heads of government between the two countries in order to expand the areas of cooperation between the two countries. . . .

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