The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) said Myanmar is likely to receive trade preferences from Canada after its representatives met with Canada’s international trade minister Ed Fast in Nay Pyi Taw late August.
The meeting concentrated on the inclusion of Myanmar in Canada’s generalised scheme of preferences (GSP) and tariff concessions for least developed countries.
“In addition to these concessions, we would hope to promote investment from Canada. Myanmar is one of the countries targeted in [Canada’s] Global Market Action Plan,” Ed Fast said.
Trade concessions, when granted, can boost bilateral business relations and boost Canada’s investment in Myanmar by strengthening mutual trust, local traders said.
“[The interest of] the country is prioritised. When the negotiations bear fruit, it will be beneficial to the development of bilateral trade and business relations,” said U Wai Phyo, vice president of UMFCCI.
New bilateral trade agreements, such as the one with Canada, is expected to encourage exports – urgently needed to decrease the Myanmar’s ever-widening trade deficit.
