The Myanmar Government has rejected to establish a trading zone in Tamu, which is on the Myanmar-India border, due to the insufficient basic requirements and the poor potential of trading.
A high ranking commerce official told this in the House of Representatives (Lower House) in Nay Pyi Taw, Myanmar News Agency reported on Thursday.
When asked by parliamentarians if there is a plan for the move, Deputy Commerce Minister U Aung Htoo replied that Tamu trading point has been opened since 1995 but the trading value has been only 45 million US dollars, accounting for only 0.6 percent of the total trade volume of all border trading points.
“To implement successfully the Tamu Trade Zone, the Kalewa-Kyigone-Tamu Road on the Myanmar side needs to be upgraded, and there is no peace and tranquility in Moreh of Manipur State of India which borders the Tamu District of Myanmar. Therefore, the Sagaing Region government sent their opinion that the trade zone should be established only when the area becomes peaceful and better in security” said U Aung Htoo.
For the purpose of promoting trade between the two countries, a series of joint committee meetings related to bilateral trade, border trade and border-market were then held.
High-ranking officials from both the sides also had extensive discussions on opening trade zone in Htantalan in Myanmar’s western Chin state and a new trade zone in Pan Khwar, Mizoram State in India, the Global Times quoted.
According to official statistics, Myanmar-India bilateral trade amounted to 1.743 billion US dollars in the last fiscal year 2016-17 as of February with Myanmar’s export to India taking 865.948 million dollars and its import from the neighbor representing 877.052 million dollars.