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US, Myanmar to smoothen bilateral trade in 2013

Date: 27/12/2012
Source: Eleven
US, Myanmar to smoothen bilateral trade in 2013

Officials said although President Barack Obama lifted import ban on Myanmar last month, the US Congress still needs to affirm details of trade policies for import.
Myanmar officials expect the bilateral trade to begin in 2013. They are now negotiating for relief of tariffs and quotas for Myanmar products.

Myanmar, as one of least developed countries, may get tax relief on its export products to the US, an official said.

The official added that removing non-tariff barriers and formulating efficient import and export policies may also be on the agenda for bilateral discussions.

The US is intent to sell Myanmar its genetically engineered produce, frozen meat and soft drinks as well as various services.

On the other hand, Myanmar will endeavour to gain market for its export products in the US. Major export products of Myanmar include clothing, beans, rice, wood products and marine products.

“Having less exposure to the global markets due to sanctions imposed on the country by Western countries, it is now of importance for our exporters to regain international market for their products,” said Thein Myint Wai, assistant director of commerce ministry.

Exporters also expressed their concerns on whether their products may be competitive enough to penetrate international markets, he added.
Myanmar has been imposed sanctions from international communities for its breaches on democracy and human rights.

Towards the end of 2012, the US and other Western countries eased sanctions gradually in order to encourage and support the country’s reform process.

Topic: FDI in Myanmar
Did You Know?
Myanmar is a union of many nationalities; speaking over one hundred languages and dialects. The term Myanmar embraces all nationalities. The major races are the Kachin, Kayah, Kayin, Chin, Bamar, Mon, Rakhine and Shan.... ... More

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