Naypyitaw [Myanmar], July 26 : Over 200 healthcare sector firms participated in the Pharma Connect seminar held here in collaboration with the India-Myanmar Chamber of Commerce and Industry (IMCCI), highlighting the growing health sector cooperation between the two countries.
Addressed by Myanmar's Health Minister Thet Khaing Win and Indian Ambassador Abhay Thakur, the event comes as bilateral trade surged by 23.5 per cent in FY2024-25 to reach USD 2.15 billion. Pharma exports alone grew 6.4 per cent year-on-year, touching USD 183.7 million.
In a post on social media X, the Indian embassy informed about the event that took place on Friday and wrote, "Over 200 businesses took part in our #PharmaConnect health sector biz seminar, with IMCC Myanmar, y'day. Health Minister Thet Khaing Win & @AmbAbhayThakur addressed them."
Apart from the pharmaceutical sector, two countries are poised to strengthen their energy cooperation with several key initiatives in the works.
As part of strengthening bilateral trade relations, the 8th meeting of the India-Myanmar Joint Trade Committee (JTC) was hosted by India in New Delhi last year.
The meeting discussed the potential areas of cooperation to drive mutual growth. Both parties conversed about the focus sectors like Shipping, Textile, Health, Indian Pharmacopoeia, Power, Transport & Connectivity, ICT, 5G Telecom Stack and MSME Sector as key avenues for collaboration.
The discussion also explored how this cooperation could lead to long-term benefits, enabling both countries to achieve their goals more effectively while fostering a spirit of mutual support and collaboration.
India also welcomed the creation of the Rupee-Kyat trade Settlement Mechanism and anticipated fostering increased bilateral commerce with Myanmar in local currencies following its implementation.
The meeting reiterated the commitment to the completion of the review of the ASEAN-India Trade in Goods Agreement (AITIGA) in an expedited manner to make it simple, mutually beneficial, user-friendly and trade-facilitative for businesses.
Myanmar is the 7th largest trading partner of India within ASEAN. The total bilateral trade in 2023-24 was 1.75 USD billion.
India shares a long land border of over 1643 kilometres with Myanmar, as well as a maritime boundary in the Bay of Bengal. Four northeastern states, viz., Arunachal Pradesh, Nagaland, Manipur and Mizoram, have a boundary with Myanmar.
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