FIEO EASTERN REGION AND EMABASSY OF MYANMAR IN INDIA ALONG WITH MINISTRY OF COMMERCE, MYANMAR COMES TOGETHER TO DISCUSS BILATERAL TRADE BETWEEEN THE TWO NATIONS
Kolkata: Federation of Indian Export Organisation (FIEO) Eastern Region and the Embassy of Myanmar, India and the Ministry of Commerce, Myanmar comes together to deliberate on several aspects and issues related to bilateral trade between India – Myanmar. Trade delegation from Myanmar visited Kolkata today for a meeting with FIEO, Eastern Region to discuss on the bilateral trade promotion in the presence of H.E. Mr. Aung Naing Oo, Union Minister, Ministry of Commerce, Myanmar,H.E. Mr. Moe Kyaw Aung, Ambassador, Embassy of Myanmar, India,Mr. Yogesh Gupta, Chairman, FIEO,Eastern Regionand other delegates andmembers of trade and industry from both sides attended the deliberations at the meeting.
Presenting the inaugural speech, Mr. Yogesh Gupta, Chairman, FIEO, Eastern Region said,India – Myanmar have shared very deep trade and economic ties historically over the decades. India’s exports to Myanmar stood at around USD 839.04 million in 2021-22. The major commodities exported were pharmaceutical products including vaccines; human hair; electrical & electronic equipment’s; articles of iron and steel; various types of machineries; items/spares of vehicles; aviation turbine fuel; tobacco items; maize seed; various types of food preparations etc.
From the perspective of our state West Bengal, interestingly, one of major commodities i.e., Human Hair gets exported from this state, both in waste as well as in Unworked – whether or not washed or scoured forms. Other items of exports include iron and steel products; ball point pens (without liquid ink) etc. There are quite a few of other many other products – most of which are nominal as per data available. Energy and Food security are the 2 most important pillars of our bilateral relations. With India’s state-owned and private companies acquiring gas blocs in that country. India has been given the right to build, operate and use the offshore hub for Myanmar gas. Myanmar is potentially an important partner in the energy sector as future offshore gas finds can be piped to India, added Mr Gupta.
Another important component of Myanmar’s exports to India has been timber & wood articles. Timber exports have, however, slowed down since the last couple of years based on data available. Other than these, Myanmar exports – farm, forest, mining, marine and animal products, industrial finished products and few other products.
Speaking on this occasion Mr. Aung Naing Oo, Union Minister, Ministry of Commerce, Myanmar, said, “India is one of the largest trading partner of Myanmar. Myanmar shares a long land border of over 1600 Km with India as well as a maritime boundary in the Bay of Bengal. The Govt. of the Republic of Myanmar is emphasizing on few economic policies to boost the trade. Govt is focusing to promote export and import with neighboring countries and India is on top priority on our radar for export, import and economic relation. Investment from neighboring countries is most welcome.”. He further added that he will personally intervene to frame policies by the Govt. of the Republic of Myanmar which will be conducive for Rupee trade with India.
Mr. Moe Kyaw Aung, Ambassador, Embassy of Myanmar, India, “expressed his happiness for organising the round table conference on India- Myanmar Bilateral Trade and boosting the trade and urged the Indian businessman to visit Myanmar and explore more business opportunity. Myanmar is always ready to promote social economic cooperation”.
“A closer look needs to be taken of the present situation and impediments including – trade barriers (both tariff and non-tariff), strategic, logistics challenges etc. and how those can be overcome in the coming years so that both nations can form a major force to reckon with in South East Asia.”further addedMr Gupta.
In this context, while responding to the comments of Mr. Aung Naing Oo, Union Minister, Ministry of Commerce, Myanmar, also added that to boost India’s export trade, the Govt. of India has taken many significant policy measures and FIEO will and push for extending the newly introduced Rupee trade with Myanmar as well. Besides, he also urged and proposed the Minister of Commerce to hold a trade fair in Myanamar so that FIEO can take a multi-product delegation to Myanmar on which the H.E. Union Commerce Minister readily agreed .
Though bilateral trade between the 2 countries have risen significantly since the 1990’s to the present decade. However, incidentally, at present, in terms of overall trade and / or as a trading partner, India doesn’t feature in the TOP 5 with Myanmar whose major trading partners are – China (31.75%); Thailand; Japan; USA and Singapore – In fact, this has happened rapidly and aggressively since opening up of Myanmar’s economy with new scopes and avenues for trade and investment. Therefore, it needs to be evaluated holistically on how these two nations whose bonding goes back millennia and have shared religious, linguistic and ethnic ties can further propel growth and deepen trade and investment relations.
