Aizawl, Feb 20 (UNI) The NE states have urged Union Commerce Ministry to set up third trade point at Pangsau Pass in Mizoram to boost up the volume of trade with Myanmar.

Commerce ministry officials here today said India and Myanmar had set a target of achieving USD one billion in 2006-07 and only USD 650 million trade has so far been done in this fiscal.

Identifying the declining border trade through Moreh in Manipur, the officials said it was due to lack of memorandum of understanding between the designated banks on both sides, restriction on export of plant and plant materials as well as on items in barter trade.

Under the Indo-Myanmar bilateral border trade agreement of 1994, trade is being carried out through designated border points of Moreh in Manipur and Zowkhathar in Mizoram.

NE states opined the view to set up another trading point at Pangsau Pass to improve trade figures, which will help the economy of NE India as well as Myanmar, officials said.

Indo-Myanmar trade has grown nearly eight-fold since 1980, which reached USD 557 million in 2004-05 from a level of USD 12.4 million in 1980-81.

Strategically, increasing border trade with Myanmar will help India to reach out to ASEAN members as well as pursuing Look East Policy and control China's influence on Myanmar.

UNI