India-Myanmar hold 7th Joint Trade Committee Meeting to review bilateral trade and investment ties
New Delhi, Nov 25 (KNN) To boost bilateral trade and investment, India and Myanmar held 7th Joint Trade Committee Meeting on Tuesday.
The 7th Joint Trade Committee Meeting between India and Myanmar was held through virtual mode on 24th November 2020, according to an official statement. The Meeting was co-chaired by Dr. Than Myint, Union Minister for Ministry of Commerce, Myanmar and Piyush Goyal, Commerce and Industry Minister of India.
During the meeting, both sides reviewed various bilateral issues ranging from trade, investment, banking, connectivity, capacity building and up-gradation of border infrastructure. Both sides reviewed their preparedness to meet the COVID-19 challenges and expanding cooperation in the pharma and health sector including traditional medicines.
Piyush 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.
He reiterated India’s 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 acknowledged that mutual benefit exists in collaboration and cooperation amongst oil and gas companies of India and Myanmar especially in the field of petroleum products and refining.
Both countries agreed that the current level of bilateral trade is not reflective of the actual potential and expressed commitment to 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.
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) 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 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 strengthen trade and investment ties. Piyush Goyal also extended an invitation to Dr. Than Myint for the next Joint Trade Committee meeting scheduled to be held in India in 2021.