Trade Ties: Myanmar And India To Enhance Bilateral Commercial Relations

4 July 2019
2019-07-04 16:54

A relationship building tour from India made 2-day visit in Yangon, and on the 4th of July, they met with the Myanmar officials at Pan Pacific Hotel.

A 20-member Indian delegation exchanged views and futures of Act East Policy with the executive members of Union of Myanmar Chamber of Commerce and Industry (UMFCCI) and India-Myanmar Chamber of Commerce (IMCC). The tour intends to interact with prominent organizations and to sensitize the decision makers for potential economic growth of the State of Assam and larger North Eastern Region of India and their proximity to Myanmar.

Assam located in the North Eastern Region of India stands as the most favorable location to focus on implementation of India’ Act East Policy.

Minister, Minister for Commerce and Industry, Shri Chandra Mohan Patowary said “Under the Act East Policy, we are going to reopen our trade routes so that our trade and commerce can be increased. We are exploring our possibilities by connecting Southeast Asia countries”.

Many infrastructure projects also serve to tie closer to East Asia by participating in the United Nations Economic and Social Commission for Asia and the Pacific. The Pacific initiatives for an Asian Highway Network and the Trans-Asian Railway network.  And India is committed to connectivity cooperation (land, air and maritime) with ASEAN in line with the master plan on ASEAN Connectivity 2025.

CEC member, UMFCCI, Dr. Myo Thant said “Myanmar located at the strategic position for Act East Policy connecting whether China or Southeast Asia. Myanmar will get benefits from the Policy. As the trade will go through Myanmar to China and Southeast Asia markets, Myanmar will get taxes, transportation fees, job opportunities and technology transfer. Myanmar is ready in infrastructure and logistic hubs are already built in Magwe region and other areas. The road transportation like ASEAN Highway no. 1 and bridges are also under construction. The bilateral trade between India and Myanmar is still low amounting to 1.23 billion US$ during 2012 to 2018. We expect the investment and trade volume can be dramatically increased by Act East Policy in future.”

India stood ASEAN’s sixth largest trading partner in 2017 with over 81 billion dollars and constitutes 10 percent of India’s total trade.Bilateral relations between Myanmar and the Republic of India has improved considerably since 1993.

Ambassador, Embassy of India, H.E Shri Saurabh Kumar said "We look forward to most delegations from India visiting your country, we welcome delegations from Myanmar visiting India and we look forward to more investments, more Indian private and public sector coming to Myanmar and that’s already started picking up and we look forward to going ahead”.

Look East Policy; an effort to cultivate extensive economic and strategic relations with the nations of Southeast Asia was initiated in 1991 and it was later unveiled as Act East Policy at the 12th ASEAN-India Summit in 2014 held in Nay Pyi Taw.

The Assam Government has opened the Act East Policy Department to ensure the implementation of the policy. The entire North Eastern Region is the gateway to the South East Asia.

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