Prepare to raise the Myanmar-Russia trade volume

The good news in recent months came out that a plan is underway to promote the Myanmar-Russian trade in which both countries set an aim each to reach a trading volume worth US$1 billion this financial year.
As a reference, a meeting on Myanmar and Russia trade promotion was held through videoconferencing meeting at the annexe of the Ministry of Commerce on 11 July this year. On this occasion, the permanent secretary of the Ministry of Commerce unveiled that it was necessary to find the proper ways to strategically penetrate the Russian market for Myanmar exporters.
It is because both countries handled the trade volume worth US$60 million only in the 2019-2020 financial year. Hence, the ministry set a vision to earn $1 billion in trade. On the other hand, it is necessary to build friendly relations in order to implement bilateral cooperation in both countries and private sectors.
As such, an emphasis must be placed on implementation of agreements between governments of both countries and memoranda of understanding between the business organizations of two countries. If so, trading and business processes can be undertaken in a smooth manner.
Currently, relevant ministries and private sectors of both countries are jointly drawing the Strategy for the Development of Russian Myanmar Economic Cooperation into the final stage. In fact, the strategy comprises seven prioritized arenas: information technology, banking and monetary affairs, healthcare service and pharmaceutical production, infrastructure, geology, energy and industrial sectors with potential for cooperation between the two countries.
Relevant government departments, UMFCCI, the export associations and companies sending products to Russia need to study the possible challenges in trading and export process of agricultural produce and further export items and seek the best way to penetrate the Russian market.
To have greater success, the government of Myanmar and the private sector need to rely on each other to extend further items of export goods for the Russian market and ease trade restrictions for businesspersons. Meanwhile, businesspersons need to support the plan of the government to improve trade management.
The plan of raising the bilateral trade between the private and public sectors of Myanmar and Russia is the potential for having a good result. If so, a larger trade volume between the two countries will surely benefit the governments and the peoples. Especially, a large trade volume between Myanmar and Russia will contribute much to increasing the GDP of the nation as well as alleviating the poverty of the people.

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