India, Myanmar agree to strengthen their economic partnership
Both countries are keen to enhance cooperation in trade, investment, banking, connectivity, and capacity building
India and Myanmar have agreed to strengthen their economic partnership by facilitating enhanced sectoral collaborations and trade promotion.
This decision was taken during the 7th Joint Trade Committee meeting between the two countries, held through virtual mode on Tuesday.
The meeting was co-chaired by Dr. Than Myint, Union Minister for Ministry of Commerce, Myanmar and Piyush Goyal, Commerce and Industry Minister.
During the meeting, both sides reviewed various bilateral issues ranging from trade, investment, banking, connectivity, capacity building and upgradation of border infrastructure.
Both sides also reviewed their preparedness to meet the COVID-19 challenges and expand cooperation in the pharma and health sector including traditional medicines.
Union Minister Piyush Goyal reiterated India’s commitment to enhance its multifaceted cooperation with Myanmar in several areas including trade and investment, oil and gas, power, insurance, pharmaceutical and infrastructure and expressed satisfaction on the increased investments by India in Myanmar in these sectors.
As per Ministry of Commerce and Industry, both sides, during the meeting, 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.
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 strengthening the trade and investment ties.
Union Minister Goyal extended an invitation to Dr. Than Myint for the next Joint Trade Committee meeting scheduled to be held in India in 2021.