India-Myanmar: Strengthening Trade Ties Through Collaborative Ventures

India and Myanmar explore partnerships in pharmaceuticals, trade, and infrastructure to boost bilateral trade and economic growth. Key discussions focus on utilizing the Rupee-Kyat Trade Settlement Mechanism and resuming border trade to foster mutual benefits.

In a significant diplomatic move on February 14, India and Myanmar engaged in discussions to explore collaborative opportunities in the realms of pharmaceuticals, pulses, beans, and petroleum products. A key focus was on optimizing the recently launched Rupee-Kyat Trade Settlement Mechanism to enhance mutual growth prospects.

The dialogue, attended by Jitin Prasada, India's Union Minister of State for Commerce and Industry, and HE U Minn Minn, Myanmar's Deputy Minister for Commerce, emphasized improving bilateral trade. Officials deliberated on potential areas for collaboration and agreed on the importance of resuming border trade through roadways, with concrete steps to be taken soon.

This meeting follows the 8th session of the India-Myanmar Joint Trade Committee, where essential sectors like shipping, textiles, health, Indian Pharmacopoeia, power, ICT, and MSMEs were identified as key collaboration avenues. Both countries are committed to long-term cooperation in multiple sectors to achieve mutual economic objectives more effectively.

(With inputs from agencies.)