Ahlon, one of several ports handling international trade via sea (Credit: Aung Kaw Htet).
The Ministry of Commerce has reported that within six months of the 2015-16 fiscal year, around US$325 million worth of trade occurred between Myanmar and the European Union (EU).
Up until September, imports from the EU reached US$185 million while exports to the EU were US$143 million.
Up until September, imports from the EU reached US$185 million while exports to the EU were US$143 million.
“Now Russia has also given us rights in the GSP [generalised system of preferences]. Myanmar now has a lot of trade opportunities but even though nine countries have given us permission, such as Russia, Turkey, Norway and Australia, we have not yet the capacity to properly supply the demands of those markets. They want to buy mounds of rice and clothes but they are strict in quality control,” said Dr Maung Aung, adviser to the commerce ministry.
A trader said: “In order for our country to achieve a portion of the market share, we have long ways to go. The key players with the most trade are our neighbouring countries and while the EU has given us opportunities through GSP, we still face restrictions in exporting our products.”
The EU-Myanmar Programme on Trade Development was launched this month to boost trade.
From:Eleven Myanmar