New border trading posts will be established in Chin and Kayah states, U Win Myint, union minister for commerce, told a meeting at the headquarters of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI).
The new trading posts, expected to be set up this year, will become the latest in the string of border trading posts created during the tenure of the minister.
“The planned trading posts will help combat illicit trade. Trade will increase as we are issuing individual trading cards (ITC) at border trading posts,” he said.
The Chin state trading post is in the early phases of development where assessment is still being conducted, while the Mal Sal trading post has been in development for the past year.
The aim of the new border trading posts is to offset the reliance on sea trade, which accounts for 70 percent of the country’s trade.
Establishing more trading posts will increasetrade flows, which can assist the country in preparation for entrance into the ASEAN Economic Community (AEC), he said, thus trading posts had been set up in Maw Taung, Hti Khi and other border areas.
The ministry has also brought about 52 commodity exchanges to foster domestic competitiveness in preparation for the AEC.
