The 8th meeting of the India-Myanmar Joint Trade Committee (JTC) was hosted by India at Vanijya Bhawan in New Delhi on Friday. The meeting was aimed to discuss the potential areas of cooperation to drive mutual growth between the two countries.
Both the parties conversed about the focus sectors like Shipping, Textile, Health, Indian Pharmacopoeia, Power, Transport and Connectivity, ICT, 5G Telecom Stack and MSME Sector as key avenues for collaboration.
The discussion also touched on how this cooperation could lead to long-term benefits, helping both the countries to achieve their goals more effectively while fostering a spirit of mutual support and collaboration.
India also welcomed the creation of the Rupee-Kyat trade Settlement Mechanism and anticipated fostering increased bilateral commerce with Myanmar in local currencies following its implementation.
The meeting reiterated the commitment of completion of review of ASEAN- India Trade in Goods Agreement (AITIGA) in an expeditious manner to make it simple, mutually beneficial, user-friendly and trade-facilitative for businesses.
Notably, Myanmar is the 7th largest trading partner of India within ASEAN. The total bilateral trade in 2023-24 was 1.75 USD Billion.
The meeting was co-chaired by Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Siddharth Mahajan and Director General, Department of Trade, Myanmar, Myint Thura.
The representatives of stakeholder Ministries also participated in the meeting.