India-Myanmar Trade Relations
Recently, India and Myanmar have agreed to set a $ 3 bn trade target to be achieved by 2015. At present, the bi-lateral trade b/w India and Myanmar is $ 1.5 bn. Please note that India and Myanmar have identified the border trade point at Moreh on the Indian side and Tamu on the Myanmar side had great capacity for trade.
At present India imposts considerable amount of Pulses and timber from Myanmar. 1/3 of India’s imports of pulses and 1/5 of India’s imports of timber are from Myanmar. These two products viz. pulses and wood products account for 97.5% of Myanmar’s total exports to India while pharmaceuticals and buffalo meat accounted for 45% of India’s total exports to Myanmar. Since, Myanmar is a member of the ASEAN, in September, 2010 India and Myanmar had enforced the India-ASEAN (Association of Southeast Asian Nations) Free Trade Agreement (FTA). India also implemented a Duty Free Tariff Preference (DFTP) scheme for Myanmar in January 2009. Under this Myanmar gains market access for 94% of India’s products at zero duty. Over the period of time, list of items for border trade have also been increased from 22 to 40 b/w India and Myanmar India and Myanmar.
Category: Government Schemes Current Affairs