ICSFDC News Alerts

Myanmar: Launched its second five-year National Export Strategy (NES) for the period between 2020 and 2025 by HTIN LYNN AUNG February 14,2020   |  Source: Myanmar Times

Myanmar will take measures to ensure that overseas demand for locally made goods remains elevated even as cheaper imports from the region are expected to rise now that the country will participate further in the ASEAN Free Trade Area (AFTA). This should also keep the country’s trade deficit, which was down to US$627 million in fiscal 2019-20 from US$5.2 billion in fiscal 2016-17, stable. Under AFTA, Myanmar is expected to substantially lower the import duties for a list of goods to as little as zero and no more than 5 percent. “Custom duties will be nearly zero due to AFTA and ASEAN countries are already taking advantage of the opportunity to export more goods to Myanmar. We have in place the Import Protection Law to ensure local manufacturers are not threatened,” said U Aung Htoo, deputy commerce minister. The Import Protection Law gives Myanmar the right to raise duties for a period of three years on imported goods that severely affect or threaten local manufacturer. The law also covers trade under AFTA, the Myanmar Times understands.

Some traders have voiced their approval over the changing trade environment. Daw Yin Yin Moe, CEO of Hla Yin Moe, a textile and garment company, said that over the past five years her company was able to import industrial apparatus and

Post Comment


Select Date:

Select Themes

Subscribe for DC News Alerts
Years in Support of Small Scale Fishworkers (1986 - 2018)