Monday 29 April 2013

US to review Myanmar’s GSP

The US is reviewing Myanmar’s Generalized System of Preferences (GSP) benefits as the country's reforms are moving forward .

The least developing countries like Myanmar and Lao could be designated beneficiary countries for the GSP program, the office of the United States Trade Representative (USTR) said on April 16.


The USTR is seeking comments on GSP in May and will open public hearing in Washington DC on June 4. The US suspended Myanmar’s GSP since July 1 1989 due to violation of labor rights.

According to USTR, products that are eligible for duty-free treatment under GSP are manufactured items, chemicals, minerals and building stone, jewelry, carpets and certain agricultural and fishery products. Products that are illegible for GSP duty-free treatment are textiles and apparel, watches, footwear, handbags and luggage products.

"The United States is easing and lifting the sanctions on Myanmar progressively, if the GSP program is designated, Myanmar could enjoy the benefits this November, the senior director John Goyer of US commerce for East Asia and Asia Pacific told the Eleven Media.

"Last June, the European Union (EU) relaxed the GSP to Myanmar. However, Myanmar began to enjoy the EU's GSP six months after the relaxation. So, if the US is planning to open the GSP now, it will be available by the end of this year," a spokesperson of the Union of Myanmar Federation of Chambers of Commerce and Industry said.

Starting last year, the EU has eased and lifted sanctions imposed on Myanmar since 1997. The rest of the sanctions were lifted completely this month.

US President Barack Obama has allowed US investors to invest in Myanmar by using his general power last April.

source: Eleven Myanmar
 

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