India for hastening FTA with neighbors including Myanmar

YANGON, Oct 27 - India has decided to take a major initiative to hasten Free Trade Agreement with its neighbors including Myanmar as part of the efforts to promote South Asian regional block, PTI news reported Oct. 26.

Indian Prime Minister Manmohan Singh told a meeting of his Trade and Economic Relations Committee (TERC) that "our neighbors should acquire a greater stake in India's economic growth by benefiting from it", the report said.

In this connection, Singh wanted FTA with neighboring countries to be expedited along with other such agreement with the ASEAN and Gulf countries, PTI reported quoting the Prime Minister's Media Adviser Sanjaya Baru.

During the meeting, Singh emphasized on the need to address its neighbors concerns and favored a more open economy.

TERC has already decided to relax duties on textiles items from Pakistan and Bangladesh besides allowing pulses and wood products from Myanmar, the report said.

Bilateral trade volume between Myanmar and India has grown 13 percent to 466.35 million U.S dollar in 2004 compare to 412.36 million in 2003, according to latest available figures from Myanmar's Central Statistical Organization.

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