Trade Agreement In Burma

Daw Aung San Suu Kyi said the RCEP would provide a new driving force that would accelerate trade and investment facilitation within an efficient, efficient and rules-based multilateral trading system. Since 2019, he has been the RCEP`s trade coordinator on Myanmar`s 16-member trade coordination committee and leading the working group in the negotiations. It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. Includes websites and other resources that allow U.S. companies to get more information about how they can use these agreements. Under the provisions of the agreement on the abolition of tariffs, Myanmar, Cambodia and Laos will enjoy more privileges than other countries, said U Than Aung Kyaw, adding that RCEP member states are required to abolish tariffs on 65% of merchandise trade between signatories as soon as the agreement comes into force. However, Myanmar, Cambodia and Laos are only required by their development status to abolish tariffs on 30% of merchandise trade. Myanmar State Councillor Daw Aung San Suu Kyi, who attended the virtual signing ceremony, said: “The pioneering trade pact will send a strong signal to the world that we are committed to preserving the credibility of the architecture of regional cooperation, preserving economic confidence and contributing to regional economic recovery.” The EU supports an ambitious investment protection agreement, which will allow investors to benefit from improved legal security and encourage responsible EU investment to contribute to Myanmar`s sustainable development. Negotiations were suspended in 2017 because negotiations cannot be isolated from the wider context, particularly the EU`s serious human rights concerns. An impact study on sustainable development completed the negotiations. This allowed us to assess the potential economic, social, environmental and human rights impact of the future agreement. U Than Aung Kyaw said that, as part of the agreement, Myanmar would have sufficient time to prepare to fully integrate into the agreement, including adapting to international standards of the framework and its procedures and strengthening the capacity of governmental and private organizations at the international level.