India, Myanmar discusses ways to boost bilateral trade to utilise potential

India and Myanmar on Tuesday discussed ways to boost bilateral trade as the current level of two-way commerce is not reflective of the true potential.

This was discussed during the seventh Joint Trade Committee meeting between India and Myanmar. It was co-chaired by Myanmar's Commerce Minister Than Myint and Commerce and Industry Minister Piyush Goyal.

The two ministers acknowledged that mutual benefit exists in collaboration and cooperation amongst oil and gas companies of India and Myanmar especially in the field of petroleum products and refining.

"Both countries agreed that the current level of bilateral trade is not reflective of the actual potential and expressed commitment in strengthening their economic partnership by facilitating enhanced sectoral collaborations and trade promotion," an official statement said.

During the meeting, both the sides reviewed various bilateral issues ranging from trade, investment, banking, connectivity, capacity building and upgradation of border infrastructure.