India and Myanmar on Tuesday (24 June 2008) signed four economic cooperation agreements, demonstrating the expanding partnership between the two countries.The agreements were signed in the presence of India's Minister of State for Commerce and Power Jairam Ramesh and Myanmar's Minister for National Planning and Economic Development U Soe Tha in Yangon, a commerce and industry ministry statement issued from New Delhi said.
The two countries have entered into a Bilateral Investment Promotion Agreement (BIPA) to encourage flow of funds. The trade pact with Myanmar is India's 71st BIPA agreement, designed to facilitate greater Indian investments in Myanmar and vice versa.
The Exim Bank of India and the Myanmar Trade Bank entered intro a credit line agreement for $20 million for the establishment of an aluminium conductor steel reinforced (ACSR) wire manufacturing facility to be used for expansion of the power distribution network in Myanmar.
United Bank of India and the Myanmar Economic Bank also signed an agreement for providing the banking arrangement for the implementation of the border trade agreement between the two governments.
India will also provide $64 million for financing three 230 kv transmission lines in Myanmar to be executed by the Power Grid Corporation of India.
On June 19, 2008, India had signed another bilateral investment promotion and protection agreement (BIPA) with Syria.
Discussions for similar agreements are also going on with the US and Colombia. Two rounds of talks with the US have ended. The latest talks were held on June 11-13.
It is also reported that while negotiations with some countries have been concluded, talks with some others are at an advanced stage
Contributed by:
Prof. Bikramjit Sen
(Globsyn Business School)
Source: http://economictimes.indiatimes.com/News/PoliticsNation/India_Myanmar_sign_four_agreements/rssarticleshow/3160996.cms http://www.ibef.org/artdisplay.aspx?tdy=1&cat_id=60&art_id=19404
No comments:
Post a Comment