India and Myanmar on Tuesday conducted a comprehensive review of their bilateral relationship, as part of the seventh Joint Trade Commission. Commerce and Industry Minister of India Piyush Goyal and Commerce Minister of Myanmar Than Myint co-chaired this meeting, wherein they discussed issues of mutual importance, ranging from trade, investment, banking, connectivity, capacity building and upgradation of border infrastructure.
Both neighbours agreed that the current trade relationship between the two has much greater scope for progress and that their current relationship was not reflective of the same. The two also “expressed commitment in strengthening their economic partnership by facilitating enhanced sectoral collaborations and trade promotion” an official statement said.
Both Commerce Ministers also recognized major areas of collaboration that could be tapped to increase trade volume. Oil and gas companies, specifical sectors of petroleum products and refining were mutually acknowledged as untapped sources of future revenue. This is reflective of deepening of India’s relationship with its neighbour, as part of Prime Minister (PM) Modi’s Act East Policy. Under the policy, India and Japan collaborate to jointly contribute to development efforts in the state of Rakhine in Myanmar. The Rakhine state is known to the international community given that it is home to the largest community of Rohingya Muslims, who are a minority, and their frequent conflict with Rakhine Buddhists. In the recent elections of Myanmar, the Rohingya Muslims were also disenfranchised by the government taking away their voting rights and refusing to recognize them as citizens.
India and Myanmar have consistently maintained a growing trade relationship and have discussed ways to bridge the trade deficit. Only in October end, experts from both countries met virtually to discuss the trade of another essential commodity- pulses. In an effort to protect domestic industries in August 2017, India had introduced quantitative restrictions (QR) on imports, which had caused a stir in the relationship. India offered to buy pulses from Myanmar on long term basis if the latter could bridge the deficit by buying sugar from India. To add an additional dimension to the relationship, the alternative of Myanmarese farmers planting oilseeds commercially was also suggested by India since India currently imports 70% of its demand and has a long way to self-sufficiency. India and Myanmar’s commercial relationship is multifaceted. Apart from agricultural products and oil and gas, the two also collaborate in power, energy and healthcare.
Earlier in October, Foreign Secretary of India Harsh Vardhan Shringla and Permanent Secretary U Soe Han of Myanmar, met to discuss efforts to alleviate effects of the ongoing coronavirus pandemic, sharing of medical supplies, vaccines and technology, consular matters and cultural diplomacy. India has also been helping Myanmar in restoring pagodas in the ancient city of Bagan, which were damaged by an earthquake.
Since 2007-08, India-Myanmar bilateral trade has grown from US$ 994.45 million to US$ 1.6 billion in 2017-18, an approximate increase of 61%. This has proven Myanmar to be an integral part of the Modi government’s Neighbourhood First foreign policy. In the future, India is looking to take its bilateral cooperation in defence and maritime security cooperation higher.
India-Myanmar hold 7th Joint Trade Committee
Indian Industry Minister Piyush Gopal met with Myanmar's Commerce Minister, Than Myint. The pair discussed the upgradation of border infrastructure and boosting bilateral trade and investment.
November 25, 2020
SOURCE: PTI