- Sumitomo, NEC, NTT to build telecom network in Myanmar
- Italian-Thai’s hydropower project in lower Myanmar allegedly stops
- Swiss Upper House Speaker paves the way for Swiss investments in Myanmar
- Myanmar spends US$300m annually for palm oil imports
- First Central Cooperatives Business Center to be opened in June
- Wood, finished-wood products export gets exemption from custom check
- Best Western group to take over Myanmar’s Green Hill Hotel
- Criticisms hit mall’s construction near sacred pagoda
- Import cargo services to be privatized in Yangon International Airport
- Myanmar to form “trade facilitation” force
Published on Sunday, 11 November 2012 07:24
Myanmar has already established joint trade committees with Vietnam, Thailand, Bangladesh and India and plans to set up more committees with other trading partners, according to sources from the Ministry of Commerce.
The plan is still ongoing and the decision on which countries to have joint trade committees with is not decided yet.
Myanmar first formed a joint trade committee with Thailand in February, 1990, followed by Vietnam in May, 2002, Bangladesh and India in March 2003 and July, 2003 respectively.
In addition to boosting international trade ties, Myanmar has free-trade agreements with Bangladesh, Sri Lanka, China, India, the Republic of Korea, Laos, Malaysia, Pakistan, Philippines, Thailand and Vietnam besides the joint trade committees. Myanmar has also sealed a border trade agreement with India, Bangladesh, Thailand and Laos.
Current bilateral trade between Myanmar and Thailand is US$4.514 billion in 2011-2012 fiscal year; Myanmar-India is US$1.371 billion, Myanmar-Vietnam US$143 million and Myanmar-Bangladesh US$84 million during the same period.