India will make decision on Myanmar beans quota by month-end
At the government’s request, India will make a much needed decision on a new import quota for Myanmar-produced pulses and beans by the end of this month.
Myanmar exports 80 percent of its beans and pulses to India. However, due to an oversupply in its own backyard, India last year imposed a quota on all Myanmar imports, resulting in steep falls in the price of locally produced beans.
“The collapse in the prices of beans and pulses in Myanmar has had a big impact on farmers so the government has asked for a new quota from India so that farmers can export their crops,” said U Aung Htoo, Deputy Minister at the Ministry of Commerce.
But the glut in India has yet to be cleared, implying that any decision from the Indians may well be insufficient to help struggling Myanmar bean farmers.
“Farmers are still protesting in India because of declining prices as a result of the oversupply. But we must still try to get a new quota from the India government to help our farmers,” U Aung Htoo added.
In the meantime, efforts have been taken across the affected Regions and States to help the farmers most impacted by the lack of demand for their crop.
Cow bean cultivators in Magwe are among the latest casualties in the sector. According to the Magwe Chamber of Commerce and Industry, the price of cow beans saw a steep drop this month, leaving farmers with heavy losses.
The chamber suggested that it would be extremely beneficial for the government to provide support by buying the crops directly from the farmers to ease their losses.
U Aung Htoo said the government will support the Magwe regional government in providing the funds to buy crops from struggling farmers.
The Magwe regional government will now buy crops directly from the farmers based on market price. It has reserved a fund of K15 billion for this purpose.