Home / Knowledge / News / Textiles / Myanmar to initiate measures to improve trade strategies

Myanmar to initiate measures to improve trade strategies

17
Feb '20
Pic: Shutterstock
Pic: Shutterstock
Myanmar will take measures to raise overseas demand for indigenous goods as cheaper imports from the region are expected to rise now that the country will participate further in the ASEAN Free Trade Area (AFTA). This should also keep the country’s trade deficit, which was down to $627 million in fiscal 2019-20 from $5.2 billion in 2016-17, stable.

Under AFTA, Myanmar is expected to substantially lower the import duties for a list of goods to as little as zero and no more than 5 per cent.

The country has in place the Import Protection Law to ensure domestic manufacturers are not threatened, said deputy commerce minister U Aung Htoo. It will also receive benefits from AFTA, as it will enjoy lower duties when exporting within ASEAN, he said.

The Import Protection Law gives Myanmar the right to raise duties for a period of three years on imported goods that severely affect or threaten local manufacturer.

Some traders have voiced their approval over the changing trade environment. Daw Yin Yin Moe, CEO of Hla Yin Moe, a textile and garment company, said that over the past five years her company was able to import industrial apparatus and machineries.

“With lower duties, it was easier to import more modern machineries to upgrade our operations,” she said, adding that her factory now produces 100,000 pieces of clothing a month compared to 30,000 before the new machineries were brought in.

To leverage on that environment, Myanmar has launched its second five-year National Export Strategy (NES) for the 2020-2025 period. Under the second NES, six sectors - gems and jewellery, agriculture-based food products, textiles and garments, machinery and electrical equipment, fisheries and forestry and digital -have been added on as priority sectors, according to a report in a Myanmarese newspaper.

Five other support services sectors - digital products, logistics, quality control, trade information and innovation and entrepreneurship - will also be implemented under a framework to be set up within the next five years, added Htoo.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 1st Apr 2020

Indian ministry asks over 10 manufacturers to produce PPE

The Indian health ministry has asked over 10 domestic manufacturers...

Pic: Shutterstock

Apparel/Garments | On 1st Apr 2020

Five more brands not to cancel export orders to Bangladesh

Five more global fashion brands-three European and two North...

Pic: Venturelli Luca / Shutterstock.com

Retail | On 1st Apr 2020

H&M to take goods already manufactured, assures suppliers

Swedish retail giant H&M recently assured its garment suppliers of...

Interviews View All

Awen Delaval, Samatoa

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Top executives, Fabric manufacturers

Top executives
Fabric manufacturers

Domestic manufacturers would get an edge over imported products

Stefan Warnaar, Peak to Plateau

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Suresh P Bagrecha,

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Matthias Eilert,

Matthias Eilert

Germany-based Forbo Movement Systems division is a global leader in...

Paolo Crespi,

Paolo Crespi

Japan's Epson, a leader in digital textile printing, Italy's For.Tex, a...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Frank Heislitz, Freudenberg

Frank Heislitz
Freudenberg

Freudenberg Performance Materials is a leading global manufacturer of...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


March 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search