New Delhi, Sep 27 (IANS): The Kaladan multimodal transit transport project that will open a new trade link between India and Myanmar is likely to be completed by 2013, Commerce and Industry Minister Anand Sharma said Tuesday.

The project, estimated to cost $120 million, is fully funded by India. Work on the project started in December 2010.

"Construction of the Kaladan multimodal transit transport project comprising of a waterway component and a roadway component will completely transform the trade between northeast India and the rest of the world," Sharma said at the 4th meeting of India-Myanmar Joint Trade Commission here.

The project envisages a direct trade corridor between Indian ports on the eastern seaboard and Sittwe port in Myanmar. It also consists of riverline and road transport.

The project is developed along the Kaladan river, which forms a border between India and Myanmar.

Completion of the project is important as the two countries target to double their trade to $3 billion by 2015.