The United States will provide assistance to Myanmar to participate in ASEAN Economic Community (AEC) according to officials.
The AEC will start on December 31 2015 and aims to promote free trade
between ASEAN nations. Myanmar’s Ministry of National Planning and
Economic Development is tasked with involving Myanmar in the AEC,
despite lagging in development compared to its neighbours.
The government has also pointed out weak points in joining the
regional bloc such as having to reduce bank interest rates, issue
required laws and not to provide the assistance for the manufacturing of
high quality products. Local businessmen are also lacking basic
knowledge and information regarding the AEC.
In private sector, local company Parami Companies Group is holding
the business forums in Yangon, Mandalay, Kayin and Mon States to
encourage participation in the AEC. The group has already sent the
results of discussions with local residents to the Ministry of National
Planning and Economic Development, including the President.
The group is sending the reports of the government’s needs to the
departmental officials to provide the assistance for local
entrepreneurs.
Cambodia, Laos, Myanmar and Vietnam are the least developed countries
in the regional bloc. Vietnam has already pledged its participation to
the AEC.
source: Eleven Myanmar
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