Bhubaneswar: The 8th meeting of the India-Myanmar Joint Trade Committee (JTC) was successfully held today at Vanijya Bhawan in New Delhi, marking another step forward in strengthening economic ties between the two neighboring nations. Co-chaired by Shri Siddharth Mahajan, Joint Secretary in the Department of Commerce, Ministry of Commerce and Industry, India, and Mr. Myint Thura, Director General of the Department of Trade, Myanmar, the meeting brought together representatives from various stakeholder ministries.
The discussions focused on identifying new areas of cooperation and collaboration, aimed at mutual economic growth. Key sectors highlighted for potential partnership included shipping, textiles, healthcare, Indian pharmacopoeia, power, transport and connectivity, ICT, 5G telecom stack, and the MSME sector. Both sides recognized that cooperation in these areas could yield long-term benefits, promoting economic stability and fostering a spirit of mutual support.
One of the key outcomes of the meeting was India’s welcome of the newly established Rupee-Kyat Trade Settlement Mechanism. This initiative is expected to significantly boost bilateral trade between the two countries by facilitating transactions in local currencies. Both sides expressed optimism that this mechanism will further strengthen their economic ties and ease the process of conducting bilateral commerce.
In addition, the meeting reaffirmed the commitment to expedite the review of the ASEAN-India Trade in Goods Agreement (AITIGA). Both nations are focused on making the agreement more straightforward, mutually beneficial, and business-friendly, ensuring a smoother trading experience for enterprises in both countries.
Myanmar currently stands as India’s 7th largest trading partner within ASEAN, with total bilateral trade for 2023-24 amounting to USD 1.75 billion. Both countries reiterated their dedication to building upon this relationship and exploring new avenues to bolster trade and economic cooperation in the coming years.