Thursday, 8 May 2014

Projects to enhance Myanmar’s trade competence

The Ministry of Commerce has disclosed three projects being implemented with international assistance to improve on the country’s trade sector.

The ministry has been operating three trade-related projects designed for the least developing countries. The projects are namely – Enhanced Integrated Framework (EIF), National Export Strategy (NES) and National Trade Facilitation Implementation Plan (NTFIP).

With the financial support of Germany Society for International Cooperation (GIZ), the NES has been jointly mapped out with the International Trade Centre (ITC).

The EIF is World Trade Organisation’s programme aimed at boosting the trade development of least developing countries.

The NTFIP has been drawn up by Myanmar officials responsible for trade sector with foreign assistance.

The Value-added Exports Law has also been drafted to develop exports and create job opportunities. Similarly, the Anti-Dumping Law and Safe-Guard Law are being drawn up to protect the rights of local proprietors.

Myanmar’s foreign exports depend highly on natural resources, such as gas, teak and produce from agriculture and fishery.

Imports outweigh exports in Myanmar. For example, in FY 2013-2014, Myanmar’s trade value reached nearly US$ 25 billion - comprising over $ 11 billion from exports and $ 13 billion from imports. This caused a trade deficit of about $ 2 billion, according to the ministry.

source: Eleven Myanmar
Related Posts Plugin for WordPress, Blogger...