The European Free Trade Association (EFTA) has signed a Joint Declaration on Cooperation with Myanmar on June 24 during a meeting in Norway attended by Myanmar's Deputy Minister of Commerce.
Dr. Pwint Hsan signed the agreement which aims to further enhance
economic relations between EFTA member states and Myanmar and promote
private sector investment.
The Ministry of Commerce said in a statement that a joint committee
between EFTA and Myanmar would be formed to discuss relevant trading and
business activities.
EFTA is a free trade organisation formed in 1960 that operates in
parallel partnership with the European Union (EU). Current members are
Liechtenstein, Iceland, Norway and Switzerland whose ministers were
present to sign the agreement with Myanmar.
According to the statement, Myanmar agreed to cooperate with EFTA in
boosting trade and investment, easing restrictions in trade and
investing in small and medium enterprises.
They also agreed to study other possibilities beneficial to trade and
economic sectors to meet with required standards for labor and the
environment.
The total EFTA-Myanmar trade (imports plus exports) for 2012 is valued at USD$ 10.4 million according to EFTA's website.
Myanmar imports goods such as pharmaceutical products, mechanical
machinery and paint from EFTA states, while exports consist mainly of
woven/knitted apparel and precious stones and metals.
The establishment of free trade between Myanmar and EFTA countries
will be observed within the suitable period in accordance to the
agreements with the World Trade Organisation.
source: Eleven Myanmar
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