Bilateral Cooperation
JOINT TRADE COMMITTEE
The mechanism of the Joint Trade Committee (JTC), chaired by the respective Commerce Ministers, has been effective in reviewing and setting policy objectives for bilateral trade between the two countries. Set up in 2003, the Joint Trade Committee has met four times so far and has successfully directed the rapid growth of commercial relations between the two countries. The 4th JTC was held on 27 September 2024 at New Delhi. Myanmar delegation was led by H.E U Win Myint, Minister for Commerce. He was accompanied by a officials from Government of Myanmar and a 5 member business delegation including representative from Beans and Pulses sector, Tamu – Kalay Chamber of Commerce etc. During the meeting both sides reviewed bilateral trade and investment and agreed to double the bilateral trade to US$ 3 billion by 2015. Other important decisions taken were setting up of Border Haats and to set up an India- Myanmar Joint Trade and Investment Forum. The two sides also discussed ways to improve connectivity between the two countries, and setting up of a Border Trade Committee. India has proposed to send a delegation of representatives of Indian Banking Sector to explore to discuss banking arrangements with Myanmar banks. The next round of meeting is expected to be held in 2013 in Myanmar.
BIMSTEC and other Regional Groupings
India and Myanmar are members of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and Mekong Ganga Cooperation(MGC) regional groups. The six member countries of MGC have emphasized four areas of cooperation, which are tourism, culture,education, and transportation linkage in order to be solid foundation for future trade and investment cooperation in the region. For BIMSTEC which also aims at creating an enabling environment for rapid economic development, the seven countries signed the Memorandum of Understanding on establishment of BIMSTEC Energy Center in India and reached agreement to establish its Secretariat in Bangladesh. India has also signed an Agreement on Free Trade in Goods with ASEAN of which Myanmar is a member. Myanmar which is an LDC, also enjoys easier access for its goods exported to India.”.
Table 5. Bilateral Trade of Myanmar with ASEAN & Neighbouring Countries
(US $ millions)
|
Countries |
2011-12 |
2012 (Apr-July) |
||||
|
Exports |
Imports |
Total |
Exports |
Imports |
Total |
|
|
China |
2055.77 |
2796.55 |
5052.32 |
844.205 |
899.946 |
1744.15 |
|
Thailand |
3823.83 |
691.15 |
4514.98 |
1033.36 |
207.04 |
1240.41 |
|
Singapore |
542.75 |
2516.13 |
3058.88 |
94.30 |
782.84 |
877.04 |
|
India |
1037.12 |
333.9 |
1371.02 |
329.49 |
96.89 |
426.37 |
|
Malaysia |
152.04 |
303.41 |
455.45 |
32.25 |
115.57 |
147.82 |
|
Indonesia |
40.94 |
431.82 |
436.76 |
18.34 |
59.49 |
77.83 |
|
Vietnam |
81.09 |
62.29 |
143.38 |
26.97 |
22.54 |
49.51 |
|
Bangladesh |
70.59 |
14.22 |
84.81 |
15.38 |
4.09 |
19.47 |
|
Philippine |
34.32 |
14.64 |
48.96 |
11.26 |
6.04 |
17.30 |
COOPERATION BETWEEN CHAMBERS OF COMMERCE
At the institutional level, Confederation of Indian Industry (CII) has developed links with the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). CII and NASSCOM have linkages with the Myanmar Computer Federation (MCF) since 2004. UMFCCI also has an understanding of cooperation with the Bengal Chambers of Commerce and Industry (BCCI). North East India Federation of Investment and Trade signed an MoU with UMFCCI in July 2009 on bilateral Trade. Indo-Myanmar Chamber of Commerce and Industry (IMCCI) delegation visits Myanmar annually. Myanmar India Business Chamber, Yangon also has links with Federation of Industries and Commerce in North East India. Exchange of visits by various business chambers and participationg in each others exhibitions/fairs have fortified the close and friendly ties between the two countries.
