India, Myanmar eye $5 billion bilateral trade

New Delhi, Jan 21 (LatestNewsX) India and Myanmar on Wednesday fixed a target of $5 billion for bilateral trade by 2030 at a meeting of senior officials, who deliberated on a wide range of issues, including promoting the Rupee–Kyat trade settlement mechanism, and maximising the benefits of the ASEAN–India Trade in Goods Agreement (AITIGA).

Bilateral trade between India and Myanmar reached $2.15 billion during 2024–25, reflecting a strong and positive growth trajectory.

The meeting held at Nay Pyi Taw also discussed the issue of improving connectivity, expanding market access, streamlining financial transactions, upgrading border infrastructure, and re-opening border trade posts, according to a statement issued by the Commerce Ministry

The meeting was co-chaired by Myanmar’s Deputy Commerce Minister U Minn Minn and Additional Secretary, Commerce, Nitin Kumar Yadav. Representatives from concerned stakeholder ministries of both sides also participated in the meeting.

The Myanmar side expressed its appreciation to the Indian government for maintaining an open and supportive policy environment for Myanmar’s exports, particularly in the pulses and beans sector, the statement said.

Discussions were also held on potential areas of cooperation to drive mutual growth, with emphasis on sectors such as textiles, transport and connectivity, capacity building, customs and border management, shipping, power, information and communication technology (ICT), micro, small and medium enterprises (MSMEs), health, pharmaceuticals, and agriculture. Both sides emphasised that enhanced cooperation in these areas could yield sustained long-term gains and strengthen the framework of mutual support and collaboration.

The meeting reaffirmed the strategic importance of the Tamu–Moreh and Rhi–Zokhawthar border trade posts in facilitating cross-border trade. The Indian side reiterated its request for the early reopening of these land border points. Both sides also underscored the need for developing a corresponding Integrated Check Post at Tamu to further enhance trade efficiency.

Both sides reaffirmed their commitment to the expeditious completion of the review of the ASEAN–India Trade in Goods Agreement (AITIGA), with a view to making it simpler, balanced, mutually beneficial, and more trade-facilitative. They also agreed to strengthen cooperation across all discussed areas and to maintain regular communication among relevant agencies to ensure effective follow-up actions, the statement added.

The next meeting of the India–Myanmar Joint Trade Committee (JTC) will be held in New Delhi.

sps/vd