Myanmar and Indias bilateral trade has a larger untapped potential, Sitharaman
The Dollar Business Bureau The 6th India – Myanmar Joint Trade Committee (JTC) Meeting co-chaired by the Commerce minister Nirmala Sitharaman and Dr. Than Myint, Union Commerce Minister from Myanmar was held on June 27, 2017 at New Delhi. Myanmar is India’s gateway to South East Asia and ASEAN with which India is seeking greater economic integration through the ‘Act East’ Policy. The country shares a long land border of over 1600 kms with India as well as a maritime boundary in the Bay of Bengal. India’s trade with Myanmar grew by 6.01% from $2.05 bn in 2015 -16 to $2.18 bn in 2016-17. The total export achieved in 2016-17 was $1.11 bn, reflecting an annual growth of 3.79% while the ...
Traders cheer as barter trade ends at Myanmar border
Deepak Kumar | The Dollar Business A traders’ body on Saturday welcomed the Indian government’s move to stop the barter trade system at India-Myanmar border, saying that the shift towards normal trading system will enhance bilateral economic relationship. The Reserve Bank of India (RBI) on Thursday announced the closure of the existing barter trade system at the Indo-Myanmar border and implementation of normal trade through currency exchange from December 1, 2015. “Accordingly, all trade transactions with Myanmar, including those at the Indo-Myanmar border with effect from December 1, 2015 would be settled in any permitted currency in addition to the Asian Clearing Union mechanism,” RBI said in a notification. “People in Myanmar are already crippled with internal differences and their economic ...
