Myanmar promotes trade with ASEAN, Hong Kong (China)
Myanmar is planning to promote trade with the ASEAN member states and China’s Hong Kong Special Administrative Region through tariff reduction, according to Myanmar’s media on August 24.
Myanmar is planning to promote trade with the ASEAN member states and China’s Hong Kong Special Administrative Region through tariff reduction. (Photo: mmbiztoday.com)
Hanoi (VNA) – Myanmar is planning to promote trade with the ASEANmember states and China’s Hong Kong Special Administrative Region throughtariff reduction, according to Myanmar’s media on August 24.
Statistics from the Ministry of Commerce, Myanmar’s trade with the ASEANnations reached over 2.6 billion USD in the first three months of the 2017-2018fiscal year, of which export accounted for 892 million USD while import stoodat 1.6 billion USD.
Trade between Myanmar and the bloc hit 9.6 billion USD during the 2016-2017fiscal year.
Meanwhile, the country’s trade with Hong Kong was 20 million USD in the firstquarter of the 2017-2018 fiscal year while the figure was 239 million USD inthe whole 2016-2017 fiscal year.
Negotiations of a free trade agreement between ASEAN and Hong Kong areunderway. To date, China, the Republic of Korea, India and Australia havejoined in free trade deals with ASEAN.
The deals aim to enhance local manufacturing industries, sharpen ASEAN’scompetitive edge through the elimination of tariff and non-tariff barriers andattracting more foreign direct investment.-VNA
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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Myanmar is planning to promote trade with the ASEAN member states and China’s Hong Kong Special Administrative Region through tariff reduction.
