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Maxim Oreshkin: Opening a Trade Mission Will Step Up Response to Issues Concerning Trade and Economic Cooperation as well as Business Community in Myanmar

Maxim Oreshkin: Opening a Trade Mission Will Step Up Response to Issues Concerning Trade and Economic Cooperation as well as Business Community in Myanmar

Minister of Economic Development of the Russian Federation and Chairman of the Russian side of the Russian–Myanmar Intergovernmental Commission for Trade and Economic Cooperation Maxim Oreshkin held a second meeting of the commission on 27 September 2017. The Myanmar delegation was led by Minister of Planning and Finance Kyaw Win.

Issues related to strengthening the legal framework for bilateral cooperation, promising sectors, and bilateral trade and economic cooperation projects were discussed during the commission meeting.

Oreshkin said the two countries are developing bilateral trade and economic ties and steadily increasing trade. Russian–Myanmar trade almost doubled in 2016 to USD 258.3 million. These positive dynamics have also continued this year. The value of mutual trade reached USD 138.9 million in January–July 2017 (a 61.2 per cent increase compared with January–July 2016). “The potential for the development of trade and economic cooperation between our countries significantly exceeds this figure, and there is a lot we need to do in order to convert it into real foreign economic projects”, Oreshkin said.

He said that it is crucial to increase the efficiency of work and implement joint economic projects in order to expand trade and economic relations.

“New spheres of cooperation are opening. For example, this August saw the first time KAMAZ vehicles were delivered to the Myanmar market, and cooperation in agriculture and food production is also being actively discussed”, Oreshkin said.

Upon conclusion of the talks, the co-chairs of the intergovernmental commission signed an agreement between the Government of the Russian Federation and the Government of the Republic of the Union of Myanmar on the establishment of a Russian trade mission in Yangon, Myanmar. “This is an important event for bilateral relations. The opening of a trade mission will make it possible to respond more actively to all issues concerning trade and economic cooperation and the business community of Myanmar, render assistance to Russian and Myanmar business operators, and resolve emerging difficulties in a timely manner”, Oreshkin noted.

During the meeting of the Russian–Myanmar Intergovernmental Commission, representatives of official Myanmar circles were invited to the St. Petersburg International Economic Forum on 24–26 May 2018.

Source: http://economy.gov.ru

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