The governments of India and Myanmar have set a target of $1 billion in 2006/2007, but available trade figures show that they are well below the desired value. It also proposed an agreement between the United Bank of India, Moreh Branch and Myanmar Economic Bank, a subsidiary of Tamu (both of the designated banks) to allow smooth business transactions at the Manipur border crossing. In order to further facilitate bank staffing, the two banks are connected by telephone. The central government is reviewing the investigation report carried out by Manipur telecommunications officials on telephone lines between Moreh and Tamu banks. As soon as this facility is put into service, the exchange of cash will not only become legal, but much easier. Trade volume is also expected to increase automatically. It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. Includes websites and other resources that allow U.S. companies to get more information about how they can use these agreements. The Myanmar government is working to woo Indian entrepreneurs and invest heavily in sectors such as pharmacy, cement, steel, fertilizers, information technology and food processing. Given the momentum, there is little doubt that bilateral trade between India and Myanmar could reach the desired level in the near future. India is discussing this issue very seriously, as there are cases where non-BIMST countries have used Sri Lanka and Thailand as comfortable destinations to dispose of their products in India. Indo Myanmar Chamber of Commerce attributes the lack of interest of Indians to invest in Myanmar and to blame them for the low growth in trade volume.
Of the total trade between two countries, India`s exports to Myanmar amount to only $80 million. The 1994 bilateral border agreement provides a framework for trade between India and Myanmar. As part of the agreement, trade is currently taking place at three designated border points in Manipur, Mizoram and Nagaland. Gem Trade is the main foreign exchange income for Myanmar, which has held gemstone sales shows every year since 1964. So far, he has earned more than $600 million from such events. The Indian Gem Gem – Jewellery Export Promotion Council (GJEPC) encourages Indian buyers to participate in such gem show shows in Myanmar. Combined with the continued development of ASEAN as a regional economic power, these figures, while still somewhat small, are on the rise thanks to the free trade agreements between India and ASEAN. In addition, in 2005, Indonesia and India signed a Memorandum of Understanding (MOU) to establish a Joint Task Force (JSG) to examine the positive aspects that would result from the signing of a Comprehensive Economic Cooperation Agreement (ECSC).
The ECSC must be an agreement that includes economic cooperation and trade in goods and services as well as investment, which would lead to a higher level of mutually beneficial economic cooperation between the two countries. The JSG forecasts that this ACA would bring total exports between India and Indonesia to $17.5 billion in 2020, with Indian exports reaching $7.8 billion and Indonesian exports at $9.7 billion. It is argued for maximum relaxation of the movement of traders, since the existing land passport, issued by the Myanmar Authority, is usable because of the restriction of Moreh`s shore travel to other parts of Myanmar. India is taking steps such as the development of airlines, land and sea routes to strengthen its trade relations with Myanmar. It also cooperates with Myanmar in areas such as agriculture, telecommunications, oil and gas, etc. As government cooperation intensifies in various areas, the private sector continues to save investment in Myanmar.