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India, Myanmar sign agreements

NEW DELHI: India and Myanmar on Wednesday signed four economic cooperation agreements demonstrating the expanding partnership between thecountries. The agreements were signed in Yangon in the presence of the visiting Union Minister of State for Commerce and Power, Jairam Ramesh, and the Myanmar Minister for National Planning and Economic Development, U. Soe Tha.

Mr.Ramesh also called on the Myanmar Minister for Commerce Brig. General Tin Naing Thein and the Minister for Electric Power, U. Zaw Min. The first agreement is the Bilateral Investment Promotion Agreement (BIPA)designed to facilitate greater Indian investment in Myanmar and vice versa. The agreement, the 71st of its kind that India has entered into, provides a framework for the resolution of disputes, for promotion and protection of investment, for extending national treatment and most-favoured-nation treatment, for repatriation of investment and returns and for entry and sojourn of technical and managerial personnel.

The second agreement is a credit line agreement between the Exim Bank of India and the Myanmar Foreign Trade Bank for $64 million for financing three 230 kv transmission lines in Myanmar to be executed by the Power Grid Corporation of India Limited. The third agreement is also a credit line agreement between the Exim Bank of India and the Myanmar Trade Bank for $20 million for financing the establishment of an aluminium conductor steel reinforced (ACSR) wire manufacturing facility to be used for expansion of the power distribution network in Myanmar.

The fourth agreement is between the United Bank of India and the Myanmar Economic Bank for providing the banking arrangement for the implementation of the border trade agreement between thegovernments that takes place at Moreh (in Manipur).

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