Myanmar wants to expand its G2G trade basket with India
KolkataA: Myanmar is committed to strengthening bilateral ties and wants to expand the G2G trade basket to include more agri-food items such as green mung beans, a minister from the Southeast Asian country has said.
The government-to-government (G2G) memorandum of understanding on trade cooperation for urad and tur pulses, signed in June 2021, has been “very successful”, Myanmar Trade Minister Aung Naing Oo told PTI. during an interaction during his visit to Kolkata. earlier this month.
“This (the MoU) is not just the success of two governments, it is the success of people on both sides,” he said.
Naing Oo also hopes the two countries will be able to expand their trade basket under the G2G MoU to include green mung beans and more pulses.
According to the MoU, Myanmar can export 250,000 tons of urad and 1,00,000 tons of tur to India annually from fiscal year 2021-22 to fiscal year 2025-26.
Pulses and beans are among Myanmar’s main export products to India.
The Southeast Asian country is “committed to strengthening bilateral relations” and commitments through meetings of the India-Myanmar Joint Trade Committee, Joint Border Trade Committee and other events, Naing said. Oh.
Myanmar encourages bilateral trade settlement in local currencies with India, he said.
“We are also diversifying the use of neighboring countries’ currencies in trade, and the Central Bank of Myanmar is working closely with its Indian counterpart to be able to use the rupee and kyat (Myanmar’s currency) in our bilateral trade. Myanmar’s trade minister told PTI.
The Myanmar government has reportedly intended to initiate convertibility of the Indian rupee for trade along the border it shares with India, following the Southeast Asian country’s agreement. Is to deal in Thai baht with its neighbors and the kyat-baht initiative for border trade with China.
Notably, the Center allowed international trade settlements in Indian rupees for export promotion programs under foreign trade policy.
Myanmar is aware of India’s “Act East” and “Neighborhood First” policies and is ready to unite to promote trade, investment and all other key sectors for the benefit of people on both sides, said said Naing Oo.
He also said potential areas include agriculture, agribusiness, agrochemicals, oil and gas, energy, health, information technology, skills development and textiles. .
The Minister also said that projects such as the Kaladan Multi-Modal Transit Transport will create a route for the shipment of goods from Kolkata to Myanmar as well as the North Eastern region of India via Mizoram.
The project will connect Kolkata to the port of Sittwe in Myanmar’s Rakhine State, stretching over 500 km.
Myanmar supports the successful completion of negotiations of the Coastal Shipping Agreement, which will help Indian vessels access Mizoram via the port of Sittwe on the Bay of Bengal and the Kaladan River multimodal link between Southeast Asia East and South Asia, according to the Minister.
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