Myanmar, India sign trade deal

Myanmar, India sign trade deal

YANGON: Myanmar and India have signed an agreement to streamline
trade and investment, taking a new step to strengthen their
increasingly significant economic ties, the Myanmar Times said.

The agreement was signed by Indian Minister for Commerce and
Industry Arun Jaitley and his Myanmar counterpart Brigadier-
General Pyi Sone in Yangon on July 15, the semi-official weekly
said in its edition to be published on Monday.

Under the deal, India will give technical and financial
assistance to Myanmar to make value-added products for the Indian
market, commerce ministry official Tint Thwin said.

"Both sides need to eliminate or relax non-tariff barriers
such as quotas," he said, adding the two sides were planning to
establish a banking system to provide for easier transactions.

They would also address trade-related issues, such as the need
to improve transport links, he told the newspaper.

Jaitley, who led a seven-member delegation attending the first
meeting of the India-Myanmar Joint Trade Committee, reportedly
said his country placed a high priority on expanding economic
ties with Myanmar.

India was hoping to double bilateral trade to US$1.0 billion
by 2006, he said. In the decade to 2001-2002, the value of total
direct trade between the two countries increased by 500 percent,
to $428 million. -- AFP