India-Myanmar: 7th Joint Trade Committee meeting held
The 7thÂ Joint Trade Committee Meeting was held betweenÂ India andÂ Myanmar on November 24, 2020.
- The Meeting was co-chaired by Union Minister for Ministry of Commerce, Myanmar and Piyush Goyal the Commerce and Industry Minister of India.
- During the meeting, both sides reviewed bilateral issues including the trade, investment, connectivity, banking, capacity building and upgradation of border infrastructure.
- They also reviewed their preparedness tackle the COVID-19 related challenges.
- They further discussed about expanding their cooperation in pharma and health sector including the traditional medicines.
In the meeting, Shri Piyush Goyal spoke about the strong cultural and commercial ties between India and Myanmar, India give priority to Myanmar in accordance with the Indiaâ€™s â€˜Neighbourhood Firstâ€™ and â€˜Act Eastâ€™ policies. India has also committed to enhance its multifaceted cooperation with Myanmar in theÂ areas includingÂ Oil & Gas, trade & investment, Insurance, Power, Pharmaceutical and Infrastructure. India have increased investments in Myanmar in all these sectors.
What these countries agreed upon?
India and Myanmar first acknowledged that mutual benefit exists in collaboration and cooperation of the oil and gas companies both the countries. This benefit especially exists in the field of petroleum products and refining. Both the sidesÂ agreed that currentÂ level of bilateralÂ trade between themÂ is far below the actual potential. They committed to strengthen their economic partnership by providing facilities to enhanced the sectoral collaborations and trade promotion. The countries reviewed the status of connectivity projects and scaling up the infrastructure at the border for strengthening trade.Â They also appreciated the finalization of the Project Agreement on the establishment of a modern Integrated Check Post (ICP) at Tamu (Phase I).
Establishment of a modern Integrated Check Post (ICP)
The project of the establishment of a modern integrated check post at Tamu is being undertaken under the Indian grant-in-aid. The project would enhance the bilateral connectivity and trade. In the line, the countries agreed to work closely to establish the border haats so as to benefit the local communities and promote people to people connect.