27/09/2024
Strengthening Trade Ties: 8th India-Myanmar Joint Trade Committee (JTC) Meeting
- Date & Venue: Held in New Delhi at Vanijya Bhawan.
- Chaired by:-
- India: Shri Siddharth Mahajan, Joint Secretary, Dept. of Commerce, Ministry of Commerce and Industry.
- Myanmar: Mr. Myint Thura, Director General, Dept. of Trade.
- Participants: Representatives from various stakeholder ministries of both countries.
Key Focus Areas:-
- Potential Sectors for Cooperation:
- Shipping & Transport: Enhance connectivity and trade routes.
- Textile: Promote textile trade and production.
- Health & Indian Pharmacopoeia: Collaboration in health standards and pharmaceutical products.
- Power: Energy collaboration.
- ICT & 5G Telecom Stack: Development in technology and communication infrastructure.
- MSME Sector: Promoting small and medium enterprise growth.
Rupee-Kyat Trade Settlement Mechanism:-
- India welcomed the creation of this mechanism.
- Aim: To facilitate bilateral trade in local currencies (Rupee and Kyat), reducing dependence on third-party currencies.
Review of ASEAN-India Trade in Goods Agreement (AITIGA):-
- Both countries reiterated their commitment to expedite the review.
- Objective: Make AITIGA simple, mutually beneficial, user-friendly, and trade-facilitative.
Significance of India-Myanmar Trade:-
- Myanmar’s Position: 7th largest trading partner of India within ASEAN.
- Bilateral Trade (2023-24): $1.75 billion.
Outcome & Importance:-
- Emphasized enhanced trade ties and mutual growth.
- Long-term benefits expected from cooperation in identified sectors.
- The Rupee-Kyat mechanism is a step towards smoother trade transactions.