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US import ban hurts Myanmar garment sector - Report
03
Aug '12
The ban imposed by the US on all imports from Myanmar is affecting the garment industry in the Asian nation, according to a report released by the Brussels-based International Crisis Group (ICG).
 
In its report titled “Myanmar: The Politics of Economic Reform”, the thinktank warns that renewing the US import ban, which is scheduled to end this year, could seriously impact economic recovery in Myanmar.
 
Last month, the US lifted some financial and investment sanctions on Myanmar but has continued the ban on imports from Myanmar.
 
Meanwhile, the US Senate committee has recommended extension of the US import embargo on Myanmar for another three years.
 
Political transition and economic reconstruction are deeply entwined in Myanmar, and the Government, the country’s elites and the international community must embrace both for the dramatic reforms underway to succeed, the ICG report states.
 

Fibre2fashion News Desk - India


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