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Bean Market: Stakeholders Of Bean Market Find For Solution

25 August 2017

To ease tensions of traders and producers on the new restrictions of India limiting the amount of bean products from Myanmar, a coordination meeting was held at Ministry of Commerce in Nay Pyi Taw, Friday.

Recently, India’s Foreign Trade Department announced restrictions on imports of mung beans, black beans and pigeon peas from Myanmar.

Concerns on the case, Union Ministers for Commerce, and Agriculture, Livestock and Irrigation, officials from respective departments, traders and producers sat to seek the solutions on India restrictions on bean products. The experts assured that the restriction will put pressure on producers in Myanmar as they rely heavily on exports to India.

Chairman, Myanmar Pulses, beans & Sesame Seeds Merchants Association, Tun Lwin said “The restrictions announced recently by India have quickly affected the local beans and pulses market. Over 400,000 tons of beans left in the hands of local merchants due to the restrictions. Myanmar has been exported peas to India for nearly 30 years. The exports of mung beans, black beans and pigeon peas from Myanmar reached 900,000 metric tons in 2016 worth Ks1.4 billion in export earnings.”

The Ministry of Commerce and the Ministry of Agriculture, Livestock and Irrigation are trying to find solutions to grow other crops as a substitution as bean producers plant various kinds of peas in winter season. Aside from this, authorities are going to discuss with the India Prime Minister to ease the restrictions during his visit soon.

Chairman, Myanmar Pulses, beans & Sesame Seeds Merchants Association, Tun Lwin said ‘To prevent the domestic bean market from collapsing, the government needs to carry out a government-to-government (G2G) settlement with India to remove restrictions.  During the Indian prime minister’s visit, the authorities will urge him to purchase Myanmar’s pulses for one year more. It depends on his decision whether our request will be fruitful or not.”

Due to the unexpected restriction of Myanmar pea exports, unnecessary price changes have been occurred in the market. According to the announcement of India’s Foreign Trade Department, the new restrictions of India will last till March 31st next year.