Commerce ministry lightens licence regs

In another step toward smoothing and facilitating external trade, the Ministry of Commerce has announced plans to exempt over 250 commodities from the need for an import licence. The ministry’s assistant secretary, U Khin Maung Latt, told The Myanmar Times that the list of commodities would be published next month.

“These are the first 267 commodity lines to be liberalised, as already discussed with the customs department and other ministries,” he said.

The decision builds on liberalisation carried out by the last government, which sought to stimulate trade by exempting products from licensing. Last August, the commerce ministry issued a list of 4405 products that still required permits, releasing other products from the requirement. The 267 items named by the ministry were taken from that list.

“These commodities, which no longer need a licence, are liable to a tax payable following a declaration to customs. This represents the elimination of a stage in the process,” said the assistant secretary.

Further liberalisation is expected, including the announcement of approval to export three out of 12 kinds of commodities whose export is currently banned, said U Khin Maung Latt – that is, bean/sesame oil, sunflower/sunflower oil and mustard/mustard oil, according to the 100-day project launched by the Ministry of Agriculture, Livestock and Irrigation.

“It will be possible to import these oil products, along with palm oil,” he said.

Further details concerning importation procedures will be made soon, he said.

Foreign firms are also hoping for fewer restrictions on what they can import and export. At the end of last year, the Ministry of Commerce relaxed long-standing trading restrictions on foreign firms for fertilisers, insemination seeds, pesticides and hospital equipment.

 

Source:  The Myanmar Times 

 

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, “Puma Energy”, “MOGE”, “yangon new town”,”MECTEL”, “hydropower”, etc.

.

Looking for foreign investors to invest in your business in Myanmar