The European Union (EU) readmitted Myanmar to its trade preference scheme on Wednesday, saying it wanted to support reform in Myanmar through economic development. The EU scheme grants developing nations preferential access to the 27-nation bloc for several products in the form of lower tariffs.
The President of the European
Parliament, Richard Bruton signed the legislation on the same day
confirming Myanmar’s readmission.
“Because of positive developments in
Myanmar happening recently, it is important that the EU supports this by
facilitating economic growth and development opportunities,” said
Burton, who is also the Irish Minster for Jobs and Enterprise.
The EU agreed in April to lift all
sanctions on Myanmar except on arms trade, economic and individual
sanctions, after President Thein Sein’s recent five county European
tour.
Justine Greening, UK’s International Development Secretary, welcomed the news.
“We have been calling for the EU to
recognize that the situation in Myanmar is improving and this is great
news,” said Greenling.
“Boosting trade and exports is vital if Myanmar is to develop its economy and escape years of poverty,” she added.
source: Eleven Myanmar
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