India- Indonesia sign 18 MoUs; Myanmar parliament session starts; Nagaland MLAs visit Myanmar; Thailand to solve border disputes peacefully; India- Lao FTA on goods implemented; China- Myanmar sign agreement on bank loans
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  • India and Indonesia have signed 18 business MoUs in infrastructure, manufacture, mining and other areas worth $15.1 billion during the visit of Indonesian President Susilo Bambang Yudhoyono in New Delhi. Later, addressing a joint meeting under aegis of CII, ASSOCHAM and FICCI, Indonesian President mentioned that as members of the G20, India and Indonesia are strong economies in a dynamic Asia. India’s GDP amounts to $ 1.8 trillion and Indonesia’s GDP registers at $700 billion so the combined GDP thus amount to $2.5 trillion. He further mentioned that Indonesia’s bilateral trade tripled in the last five years from $4 billion in 2005 and is expected to reach $12 billion in 2010. 1

    Reports noted that Myanmar has started its first three-chamber parliament sessions simultaneously on 31 January with the sessions of the house of representatives (lower house) and house of nationalities (upper house) taking place at the newly- built parliament buildings in the new capital of Nay Pyi Taw, while the sessions of region or state parliament also began separately in 14 respective regions or states on the same day. The summon for the first sessions of the three-level parliaments in two decades by the ruling State Peace and Development Council (SPDC) came nearly three months after the end of the multi-party general election on November 7, 2010. 2

    Reports noted that a team of Indian province Nagaland’s legislators, government officials and businessmen visited Myanmar from January 23 to January 27. The leaders were received by the Naga populace there in Myanmar’s Naga self-administered zone. The team comprised of Parliamentary Secretary for Tourism and Law & Justice Yitachu, Chairman of the NSMDC Kipili Sangtam, Chairman of Marcofed Cheno Loching John Konyak, Commissioner and Secretary for IPR & NRE MK Mero and Thepfuneituo Rio and Kuovisie-o Rio.3

    The Thai government will use peaceful ways to settle the continuing border dispute between Thailand and Cambodia, Prime Minister Abhisit Vejjajiva said on January 29. He said both Thailand and Cambodia are parts of ASEAN and therefore, solution of any conflict between the two countries should be in a peaceful manner.4

    Meanwhile, India has implemented the free trade pact with Lao that slashes import duties on thousands of products, like seafood, chemicals and apparel. In turn, Lao People's Democratic Republic will also slash import duties on a host of Indian goods. With the implementation of the FTA with Lao PDR, India’s FTA has become functional with the eight member countries of ASEAN.5

    In other developments in the region, the Ministry of Finance and Revenue of Myanmar and the Exim Bank of China signed agreements on bank loans on January 27. The agreements include the one on renminbi loan for mutually beneficial cooperation and a main agreement between the Myanmar Foreign Trade Bank and the Chinese bank on the loan. 6

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