Trade and Economic Cooperation: Fifth Meeting of the Commission held in Nay Pyi Taw

The Fifth Meeting of the Russia-Myanmar Inter-Governmental Commission on Trade and Economic Cooperation took place at the Myanmar International Convention Center (2) in Nay Pyi Taw on Sunday.

Co-chaired by Union Minister for Investment and Foreign Economic Relations Dr. Kan Zaw and the Economic Development Minister of the Russian Federation Mr. Maxim Reshetnikov, the event included a private meeting, a plenary session, a signing ceremony and an economic forum.

State Administration Council Member and Deputy Prime Minister, Union Minister for Transport and Communications General Mya Tun Oo, Council member General Nyo Saw, and Deputy Prime Minister Union Minister for Planning and Finance U Win Shein attended the private session, along with the Union Ministers and Deputy Ministers from relevant ministries as well as Deputy Minister for Economic Development of the Russian Federation and representatives.

Subsequently, the plenary session continued, with opening remarks delivered by the co-chairs and the Russian Ambassador to Myanmar Mr. Iskander Azizov.

Speaking at the meeting, the Commission’s Co-chair Union Minister Dr. Kan Zaw highlighted the importance of the Fifth Commission Meeting for boosting Myanmar-Russia cooperation. He emphasized the rapid growth in trade and investment since the State Administration Council took office and the government’s efforts to reform economic policies and investment laws.

Then, the Russian Economic Development Minister emphasized the fruitful outcomes of bilateral cooperation since the fourth Commission meeting, noting that economic development between the two countries is progressing not only through trade and investment but also through infrastructure projects and collaboration in the banking sector.

And, the Russian Ambassador also emphasized multi-sectoral cooperation based on bilateral relationship, with a focus on energy, nuclear, agricultural and mining sectors to boost Myanmar-Russia trade volume. This was followed by sector-wise discussions on the developments in trade, investment, economic cooperation as well as banking and financial cooperation between Myanmar and Russia.

During the meeting, the co-chairs approved the meeting minutes, covering topics such as legal frameworks, trade, investment, energy, transport, infrastructure, ICT, banking, space exploration and circular economy.

In the afternoon, 9 agreements were signed between the governments and private sectors of both countries in areas such as economic infrastructure, banking, education, communications, technology and humanitarian assistance. The agreements were then exchanged by responsible officials from the relevant ministries and organizations. The economic forum then proceeded with three dialogue sessions on Investment Cooperation, Trade and Services and Labor Cooperation, with the active participation from government officials, business leaders and experts from both countries.