Financial Daily from THE HINDU group of publications
Saturday, May 13, 2006
Financial Daily from THE HINDU group of publications Saturday, May 13, 2006 |
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Industry & Economy
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Foreign Trade India, Myanmar to expand trade ties Our Bureau
New Delhi , May 12 India and Myanmar have agreed to expand and diversify bilateral trade, in keeping with the target of raising the two-way trade to $1 billion by 2006. This has been indicated in the agreed minutes of the second meeting of the India-Myanmar Joint Trade Committee (JTC), which was co-chaired by the Commerce and Industry Minister, Mr Kamal Nath, and the Myanmar Commerce Minister, Brig.Gen. Tin Naing Thein.
Short of target
In his address at the meeting, Mr Kamal Nath said that although there had been significant increase in bilateral trade to over $500 million in 2004-05, this was still short of the target set by the two sides at the first meeting of the JTC held in Yangan in 2003. Both the ministers emphasised the natural complementarities of the two economies and noted that after Myanmar's entry into the BIMSTEC and ASEAN, new avenues had opened for greater cooperation on a bilateral and regional/multilateral basis.
Border trade
On border trade, Mr Kamal Nath flagged the issue of opening of the Pangsau Pass as an additional facility for the benefit of people of both sides living along the border. Moreover, the border trade commodities basket also needs to be broadened from the present limited list of 22 commodities, he said.
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