Wednesday, 19 March 2014

WTO trade talks begin in Geneva

A goverment delegation led by deputy commerce minister U Pwint Sann met with officials from the World Trade Organization in Geneva last week to discuss how to bring Myanmar’s trading practices into line with the rest of the world, an official said.

U Maung Aung, an economic adviser to the ministry, said the delegation considered a range of ideas for reforms in banking, taxation, money transfers, the protection of small and medium-sized enterprises and anti-dumping measures.

“We need a better trade policy to promote the economy in the long term,” he said, adding that he expects the country to have fully adopted international standard practices in five years’ time. “Reviewing trade policy is very important and has implications for investment and development.”

U Hla Maung, an independent economist and retired official of the Ministry of Commerce, said laws dating back to the colonial era should be revised and new legislation brought in to cover such matters as intellectual property and franchises.

“Myanmar’s current trading practices would not allow it to join the WTO because they do not meet international standards,” he said.

source: The Myanmar Times
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