India launched its first shipping service to Myanmar connecting both nations under the 'Look East' policy to boost bilateral ties.
The Shipping Corporation of India and the Ministry of Shipping have launched a direct service to Myanmar for the first time with the help of foreign and commerce ministries.
With the commencement of the service the 'transit time' for Indian exports and imports to Myanmar stand to reduce considerably.
Ministry of Shipping Secretary, Vishwapati Trivedi, said it will strengthen trade relations between both countries.
"It's not merely a setting of a ship from India to Myanmar on what they call, nowadays, business as usual. There is a lot of value into what we are doing besides the commercial value," he said on Friday after the launch of the shipping service.
Trivedi further said that India was trying to sign up new agreements with Bangladesh in trade, and added that it is under process considering various restrictions.
The regular coastal shipping between Bangladesh ports and eastern ports of the country such as Paradip and Haldia may commence by this year-end.
Trivedi further said that initiatives are being taken to connect with several islands and other countries. He added that an agreement between Bangladesh and India for building up trade will be signed soon.
