India has set a target of doubling bilateral trade with Myanmar to around $3 billion by 2015, from the current level of $1.5 billion, union minister of commerce, industry and textiles Anand Sharma has said.
Chairing the fourth meeting of the joint trade commission along with U Win Myint, minister of commerce, Myanmar, Sharma said: "I propose that we work towards doubling of bilateral trade by 2015. We also need to work towards broad-basing our trade basket," he said, adding, "Businesses of both sides need to be encouraged to utilise the `duty free tariff preference scheme' and Asean FTA channels to diversify trade."
Sharma said the construction of the Kaladan Multimodal Transit Transport Project comprising of a waterway component and a roadway component by 2013 will completely transform trade between North East India and the rest of the world.
The project, estimated to cost $120 million, envisages a direct trade corridor between Indian ports on the eastern seaboard and Sittwe Port in Myanmar and then through riverine transport and by road to Mizoram, thereby providing an alternate route for transport of goods to North-East India.
The two countries also plan to collaborate in building a land customs station at India-Myanmar border (at Mizoram) to facilitate the movement of vehicles and goods entering and leaving Mizoram state.
On the issue of border trade, it was noted that the border trade point at Moreh, on the Indian side, and Tamu on the Myanmaar side is stabilising and has immense potential for normal trade.