India-Myanmar Joint Trade Committee Holds 8th Meeting

On 27th September, 2024, India hosted the 8th meeting of the India-Myanmar Joint Trade Committee (JTC) at Vanijya Bhawan in New Delhi, co-chaired by Joint Secretary of the Department of Commerce, and Director General of the Department of Trade, Myanmar.

Key Points

Focus on Cooperative Growth: The meeting centered around potential areas for cooperation aimed at driving mutual growth, with discussions highlighting key sectors such as Shipping, Textiles, Health, Indian Pharmacopoeia, Power, Transport & Connectivity, ICT, 5G Telecom Stack, and the MSME Sector.
Long-Term Benefits: Both parties emphasized that enhanced cooperation could yield long-term benefits, enabling them to achieve national goals more effectively while nurturing a spirit of mutual support and collaboration.
Rupee-Kyat Trade Settlement Mechanism: India welcomed the introduction of the Rupee-Kyat trade settlement mechanism, expressing optimism for increased bilateral trade with Myanmar through local currency transactions following its implementation.
Commitment to AITIGA Review: The meeting reaffirmed a commitment to expedite the review of the ASEAN-India Trade in Goods Agreement (AITIGA), aiming to simplify the agreement to make it more beneficial, user-friendly, and trade-facilitative for businesses.
Myanmar’s Trade Position: Myanmar ranks as India’s 7th largest trading partner within ASEAN, with total bilateral trade reaching USD 1.75 billion in 2023-24.