India, Myanmar agree to convert to open trade

http://www.thehindubusinessline.com/blnus/03161856.htm

NEW DELHI: India and Myanmar on Thursday agreed to convert restrictive border trade into an open regular trade, besides expanding the list of items to be exchanged.

Both the countries have “agreed to convert the present border trade at Moreh-Tamu and Zokhawthar-Rhi border points to normal trade,'' a ministry statement said here, adding that current list of items to be traded has been expanded to 40.


Myanmar seeks joining the Duty Free Tariff Preference scheme of India, which grants unilateral tariff concession on 94 per cent of the trade tariff lines.

The India-Myanmar Joint Trade Committee, headed by the Minister of State for Commerce and Power, Mr Jairam Ramesh and the Myanmar Minister for Commerce, Brig Gen Tin Naing Thein had met in Mandalay earlier and decided upon the trade pact.

The two nations also agreed to operationalise the new banking arrangement for trade besides reviewing bilateral cooperation in the field of gas/petroleum, power, information technology, telecommunication and agriculture including pulses.

India's exports to Myanmar in 2007-08 were $185.28 million and imports were $809.55 million, with total two-way trade touching $1 billion. - PTI


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