Malaysia-Myanmar trade

Malaysia-Myanmar trade

KUALA LUMPUR (DPA): Malaysia and Myanmar inked a bilateral agreement yesterday to increase bilateral trade, which officials indicate would also take the form of "product exchange" or barter trade on selected products.

Myanmar's Commerce Minister Kyaw Than, who is leading a high- level delegation of officials from various state enterprises, said Yangon was eager to increase its exports to its member partners of ASEAN.

"We have decided to import less and create more exports because of trade deficits with neigboring countries," he told reporters after signing the trade agreement, which was also signed by Malaysia's International Trade and Industry Minister Rafidah Aziz.

Malaysia's trade with Myanmar doubled in 1997 to 1.2 billion ringgit (US$303 million) from 1996's 656.1 million ringgit, two- thirds of which is in Malaysia's favor.