GUWAHATI, March 9—The Indo-Myanmarese border trade across the Moreh point has suffered a setback due to closure of ‘Burma Economic Bank’. All the banking transactions have come to a grinding halt due to closure of the bank and as a result of which traders are facing severe problem. The bank has been closed down last week by the Military junta due to poor financial position.
It is learnt that a huge chunk of money of the Indian traders are yet to be paid by the Manmarese due to poor financial position. Talking to this Correspondent, the vice-president of the Indo-Myanmar Traders Union WN Singh said that the export and import between India and Myanmar have suffered a serious setback due to closure of the bank. “The bank, located in Tamu of Myanmar, was the key bank of the Manmarese people. But now they are in dire-straits”, Singh informed.
India and Mynmar had signed the trade agreement in 1994. Since then trade has been running smoothly without any problem. Under the agreement 22 items can be traded between the countries. Giving more information about the closure of the bank, the vice-president revealed that the ‘Burmese people’ wanted an early solution to the problem but no step has been initiated so far. “Crores of rupees are still unpaid causing a matter of concern for traders involved in export and import,” he added.
Asked whether they had taken up the matter with the authorities, he said that the Manipur government had already informed the Indian Commerce Ministry for an early solution. After signing of the Indo-Myanmarese trade agreement, Moreh has become a focal point of export and import. But the present situation likely to affect the business to a large extent. Several trade organisations have appealed to the Commerce Ministry to take urgent step in this regard for the sake of traders in North-east.