- Italian-Thai’s hydropower project in lower Myanmar allegedly stops
- Swiss Upper House Speaker paves the way for Swiss investments in Myanmar
- Myanmar spends US$300m annually for palm oil imports
- First Central Cooperatives Business Center to be opened in June
- Wood, finished-wood products export gets exemption from custom check
- Best Western group to hand over Myanmar’s Green Hill Hotel
- Criticisms hit mall’s construction near sacred pagoda
- Import cargo services to be privatized in Yangon International Airport
- Myanmar to form “trade facilitation” force
- Myanmar Microfinance Bank to be launched
US, Myanmar to smoothen bilateral trade in 2013
Published on Thursday, 27 December 2012 13:48
A seafood factory of Myanmar (photo-EMG)
Myanmar has been in talks with the US to smoothen bilateral trade in 2013, according to the Ministry of Commerce.
Officials said although President Barack Obama lifted import ban on Myanmar last month, the US Congress still needs to affirm details of trade policies for import.
Myanmar officials expect the bilateral trade to begin in 2013. They are now negotiating for relief of tariffs and quotas for Myanmar products.
Myanmar, as one of least developed countries, may get tax relief on its export products to the US, an official said.
The official added that removing non-tariff barriers and formulating efficient import and export policies may also be on the agenda for bilateral discussions.
The US is intent to sell Myanmar its genetically engineered produce, frozen meat and soft drinks as well as various services.
On the other hand, Myanmar will endeavour to gain market for its export products in the US. Major export products of Myanmar include clothing, beans, rice, wood products and marine products.
“Having less exposure to the global markets due to sanctions imposed on the country by Western countries, it is now of importance for our exporters to regain international market for their products,” said Thein Myint Wai, assistant director of commerce ministry.
Exporters also expressed their concerns on whether their products may be competitive enough to penetrate international markets, he added.
Myanmar has been imposed sanctions from international communities for its breaches on democracy and human rights.
Towards the end of 2012, the US and other Western countries eased sanctions gradually in order to encourage and support the country’s reform process.