Friday, 4 July 2014

US reviewing GSP for Myanmar

The United States Trade Representative is conducting a review whether to grant Myanmar trading privileges under the generalised system of preferences, according to the press release from the US Embassy in Myanmar.

“In the past, the US included Myanmar in its GSP. Later it revoked. This tax advantage is being offered only to developing countries. It is good that the US is reconsidering. Since the US-Myanmar trade has been increasing every year, this is also good for Myanmar,” said economist U Myint.

According to US Census Bureau, Department of Commerce, the US exports to Myanmar reached US$9.8 million in 2010, $48.9 million in 2011, $65.8 million in 2012 and $145.7 million in 2013. Since the US eased import ban on Myanmar at the end of 2012, the US imports from Myanmar were recorded at $30.1 million in 2013.

Last June, the US Department of Commerce opened the first-ever Foreign Commercial Service office in Yangon to help American companies doing business in Myanmar.

Starting in 2012, the US eased many of its economic sanctions on Myanmar, with the exception of restrictions on dealings with persons on the Specially Designated Nationals list, restrictions on the importation of Myanmar-origin jadeite and rubies, and limits on dealings with the Myanmar’s Ministry of Defense and state or non-state armed groups. This easing opened the door for US businesses to trade and to invest in Myanmar.

source: Eleven Myanmar
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