Arakan News Agency
The Myanmar government does not currently have a free trade zone in Tamu, bordering India, as a result of inadequate basic requirements and poor business potential, the Myanmar News Agency reported on Thursday.
Asked about the possibility of such a move on Wednesday, U Aung Htau, vice minister of commerce, said the TAMU point had been opened since 1995 but the value of trade remained at only $ 45 million, occupying just 0.6 percent of the total trade volume in all Border Trade Points.
To promote trade between the two countries, a series of meetings between joint committees on bilateral trade, border trade and markets have been held, he said.
Senior officials from both countries held discussions on opening a trade zone in Qin province on the western Myanmar border and a new trade zone in Ban Quar, state of Mizoram.
According to official statistics, bilateral trade between Myanmar and India reached 1.743 billion US dollars in the last fiscal year 2016-17, until February, Myanmar exports to India amounted to 865.948 million dollars, while imports from neighboring India amounted to 877.052 million dollars.
Myanmar official: We did not establish a new free trade area on the border with India
