New US trade preferences highlight challenges for Myanmar exporters

Myanmar’s business sector has welcomed US plans to lift almost all remaining sanctions against the country and reinstitute special trade preferences, but some industries could find it hard to take advantage of the new environment. US President Barack Obama announced this week that he intends to lift the state of emergency the US declared against Myanmar in […]

US restores GSP benefits to Myanmar

US president Barack Obama has signed a proclamation reinstating Myanmar’s (formerly Burma) eligibility for benefits under the Generalized System of Preferences (GSP) programme as of November 13, 2016. Since Myanmar is a least developed country (LDC), it will be able to export approximately 5,000 products to the US duty-free under this programme. The trade preference benefits were restored after […]

Chinese garment firms eye Myanmar as low-cost hub

Thanks to soaring production costs in China coupled with surge in labour wages, Myanmar’s garment sector is emerging as the last low-cost production frontier for factory relocation and diversification in Southeast Asia. This, together with the difficulty in hiring garment workers and the Chinese government’s policy of upgrading its manufacturing sector with a strategic shift […]

US Investment in Burma Forecasted to Increase

RANGOON — US investment in Burma has strong potential to increase this year, experts said at a US-Burma Economic Relations seminar in Rangoon on Monday. Entitled “US-Burma Economic Relations: The Next Phase,” the seminar was jointly organized by the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and the United States Chamber […]

Myanmar garments to get US boost

Aung Thein, vice president of the Myanmar Industries Association and managing director of Nibban Electronics, welcomed the move, saying it would boost exports to the US and strengthen local industries. Garment factories would reap the most from the decision, he said. “For the time being, some well-known brands like H&M have been making some of […]

EU investments set to surge after protection deal

Investments from the European Union member countries are likely to surge after signing of the EU-Myanmar investment protection agreement, said a senior EU official. Antonio Berenguer, EU’s head of trade and economic affairs, said that the agreement would encourage investment from Europe by improving legal certainty and predictability surrounding investments. “This agreement aims to provide […]

Canada considers preferential tariff system for Myanmar

The Canadian government has considered drawing up a preferential tariff system for Myanmar, Canada’s Minister for International Trade Edward Fast revealed last week. Mr Fast met with Win Aung, chairperson of the Union of Myanmar Federation of Chamber of Commerce and Industry, at the Grand Amara Hotel in Nay Pyi Taw on August 27. He […]

US reviewing GSP for Myanmar

The United States Trade Representative is conducting a review whether to grant Myanmar trading privileges under the generalised system of preferences, according to the press release from the US Embassy in Myanmar. “In the past, the US included Myanmar in its GSP. Later it revoked. This tax advantage is being offered only to developing countries. […]

Garment sector to hit $1.5b revenue mark

Revenues in the garment sector are expected to grow by as much as 50 percent for the 2013-14 fiscal year and reach US$1.5 billion, experts said. Daw Khaing Khaing Nwe, secretary of the Myanmar Garment Manufacturers’ Association, told The Myanmar Times that the sector has continued to benefit from relaxed trade rules from abroad, while […]

Garment industry to increase foreign investment

YANGON – The Myanmar Garment Manufacturers Association (MGMA) expects the garment industry to gain US$ 1.5 billion in foreign investment by 2015 if political reforms continue. Enterprises that deal in cutting, making and packing are creating job opportunities as foreign investment grows in the garment sector. Garment exports made record earnings with US$ 1.1 billion […]