Tuesday, September 27, 2011

India, Myanmar target to double trade by 2015

India, Myanmar target to double trade by 2015-India and Myanmar have set a target of doubling the bilateral trade by 2015. The present bilateral trade between the two countries stands at 1.5 billion US Dollars. This was announced by Commerce Minister Anand Sharma while chairing the 4th meeting of Joint Trade Commission in Myanmar on Monday.

According to an official release issued in New Delhi, Mr Sharma expressed the confidence that with the implementation of India-ASEAN Free Trade Agreement and the Duty Free Tariff Preference Scheme, India can become one of the leading trade partners of Myanmar.

The Commerce Minister also stated that the construction of the Kaladan Multimodal Transit Transport Project by 2013 will completely transform the trade between North East India and the rest of the world. The project which is being built at an estimated cost 120 million US Dollars, envisages a direct trade corridor between Indian Ports on the eastern seaboard and Sittwe Port in Myanmar. It will therefore provide an alternate route for transport of goods to North-East India.

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