Monday, 24 March 2014

Myanmar-EU: Agreement on Investment Protection launches

Negotiations to sign the Investment Protection Agreement between Myanmar and the European Union reportedly began at the Ministry of National Planning and Economic Development on Thursday (March 20).

“Plans to sign the Investment Protection Agreement are being carried out. The European Union includes 28 member countries. To make this agreement with Myanmar, all member countries’ agreement is needed,” said Union Minister Kan Zaw.

Before 2011, Myanmar signed an Investment Increasing and Protection Agreement with the Philippines, Vietnam, China, Laos, Thailand and Indonesia. It has as well signed a Trade and Investment Framework Agreement with the United States last May.

“The EU re-opened its market to Myanmar starting in May last year. Because preferential trade rights are given, we can expect investments from Europe and our business people will also have the chance to invest in Europe, so it’s mutual,” said Kan Zaw.

Because preferential trade rights have re-opened, Myanmar is now able to reach the European market instead of having to sell its natural resources to the Asian export market. Investments from European economic firms have increased, and Myanmar has also increased its exports to European countries, particularly in the fisheries and garment industries.

source: Eleven Myanmar
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