India and Myanmar have acknowledged that mutual benefit exists in
collaboration and cooperation amongst oil and gas companies of both the
countries especially in the field of petroleum products and refining.
The current level of
bilateral trade is not reflective of the actual potential
Both countries agreed that the current level of bilateral trade is not
reflective of the actual potential and expressed commitment in strengthening
their economic partnership by facilitating enhanced sectoral collaborations and
trade promotion. They also reviewed the status of connectivity projects and
scaling up the infrastructure at the border for strengthening trade. .
India has reiterated’s its
commitment in enhancing its multifaceted cooperation with Myanmar, in
several areas including trade and investment, Oil & Gas, Power, Insurance,
Pharmaceutical and Infrastructure and expressed satisfaction on the increased
investments by India in Myanmar in these sectors
Both sides expressed appreciation at the finalization of the Project
Agreement on the establishment of a modern Integrated Check Post (ICP) at Tamu
(Phase I) near the Mizoram border under Indian grant-in-aid that would enhance
bilateral connectivity and trade and agreed to work closely for early
establishment of border haats for the benefit of the local communities and
promote people to people connect
The 7th Joint Trade Committee Meeting between India and Myanmar was held
through virtual mode on November 24th, according to an official release. The
Meeting was co-chaired by Dr. Than Myint, Union Minister for Ministry of
Commerce, Myanmar and Mr Piyush Goyal, Commerce Minister of India.
Both sides reviewed
their preparedness to meet the COVID-19 challenges
During the consultations, both sides reviewed various bilateral issues
ranging from trade, investment, banking, connectivity, capacity building and
upgradation of border infrastructure. Both sides reviewed their preparedness to
meet the COVID-19 challenges and expanding cooperation in pharma and health
sector including traditional medicines.
Mr Goyal highlighted the strong cultural and commercial ties between India
and Myanmar and the priority India attaches to its partnership with Myanmar in
accordance with India’s ‘Neighborhood First’ and ‘Act East’ policies.
Next Joint Trade
Committee meeting scheduled to be held in India in 2021
The meeting concluded with both countries expressing satisfaction over the
commendable strides made in bilateral economic ties in the last few years and
reiterated their commitment to further strengthening the trade and investment
ties. Mr Goyal also extended an invitation to Dr. Than Myint for the next Joint
Trade Committee meeting scheduled to be held in India in 2021.