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India is not allergic to goods coming in from any country, including China, as long as their origin is properly identified and the applicable customs tariffs paid, said Commerce Secretary Rita Teaotia.
“We do not have any problems with goods from China being imported as these are required as intermediates to manufacturing. What we require is proper ‘rules of origin’ certification so that the appropriate customs tariffs are applied. Legitimate trade has to move,” Teaotia said at the launch of a report on ‘Enhancing India-Myanmar Border Trade’ brought out by research body RIS on Wednesday.
SBI branch in MyanmarThe opening of State Bank of India’s banking branch in Myanmar by October — the first by any Indian bank — will do its bit in promoting trade between the two countries, she said. So far, the United Bank of India and the SBI have representative offices in Myanmar, but their operations are limited.
“The land route through Myanmar has the potential to be a significant trade route. A road-map has to be prepared on how to allow more goods through land not just from Myanmar but also from other neighbouring countries including the entire ASEAN region,” she said. Investments have to be made in setting up testing laboratories at the border to test the quality of food products coming from Myanmar. A robust system for checking certificate of origin of products coming in also has to be in place, she added. Certification of Origin (COO) is important as goods from Myanmar are allowed at concessional rates under the Duty Free Tariff Preference Scheme and the ASEAN-India Trade in Goods Agreement. In the absence of proper COOs, goods from other countries, such as China, could pass off as goods from Myanmar attracting lower duties than what is actually payable.
Trade with MyanmarIndia-Myanmar bilateral trade has increased from $1.3 billion in 2010 to $2 billion in 2014, of which $1.2 billion were India’s imports. With both India and Myanmar’s economy growing at one of the highest rates in the world, there is immense scope for cooperation, according to Ram Upendra Das from RIS, who authored the report.
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