Myanmar, Nepal to boost trade

Kathmandu/May 17, Myanmar and Nepal will cooperate to raise trade between the two countries and will sign a Memorandum of Understanding to strengthen economic ties soon, with bilateral trade totaling US$8 million in 2017-18 fiscal year.
During a meeting between Myanmar and Nepal at the Union of Myanmar Federation of Chambers of Commerce and Industry on Sunday, Vice President U Myint Swe sought to promote the country’s agriculture sector to ambassador Bhim K Udas in a bid raise exports to Nepal.

“We want to boost the level of trade with Nepal as the current level of exports and imports between our two countries are still quite low due to transport costs. We are aiming to export larger volumes of pulses and beans as well as rice to Nepal,” U Myint Swe said.

In fact, Nepal has already begun importing pulses and beans from Myanmar since last year. “Myanmar-produced beans are cheaper and the quality is also better. As a result, demand for Myanmar beans and pulses is rising in Nepal,” Mr Udas explained.

Nepal is among the new importers of Myanmar beans and pulses since India, its biggest market, imposed import restrictions on the crops last year, according to the Myanmar Pulses, Beans and Sesame Seed Merchants Association. To further cement and leverage on its new trading ties with Nepal, Myanmar will be sending representatives to Nepal to forge a better understanding of the market.

In exchange, Myanmar will promote Nepalese products within the country. Nepal’s main exports include carpets, tea and plastic.

According to Toe Aung Myint, permanent secretary of the Ministry of Commerce, Myanmar-Nepal bilateral trade reached approximately $8 million in 2017-18 fiscal year. The embassy of Nepal in Yangon stated in its press release on May 13 that Myanmar seeks to increase direct export of beans, pulses and rice to Nepal.