Friday, 6 June 2014

Myanmar Trade Centre slated to promote exports

The government is slated to open Myanmar Trade Centre this month designed to promote the country’s exports, according to the Ministry of Commerce and Trade.

The centre, located in Yangon, will become the main venue for local and international businesses to develop new exporting opportunities for Myanmar products.

The country’s main exports include agriculture, livestock, fishery, mining, manufacturing, wood and other products.

The trade volume of Myanmar in the fiscal year 2013-2014 totalled more than US$24 billion, which the country earned more than $11 billion from exports while it spent $13 billion for imports. The trade deficit is about $3 billion.

A greater strategy has been drawn to promote exports. The country is also undergoing a review for trade policy assessment.

Moreover, the country has carried out the Enhanced Integrated Framework programs in order to receive trade technology and financial aid from World Trade Organisation.

Although the European Union has granted trade privileges, the United States is still imposing sanction to pressure for advancing forward reforms.

The sanction means some 5,000 Myanmar products do not receive tax privileges under the generalised system of preferences.

source: Eleven Myanmar
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