Total amount of trade through Individual Trading Cards (ITC) stood at K15.96 billion ($14.97 million), since the Ministry of Commerce introduced the system in November 2012 in a bid to boost border trade.
Exports stood at K3.49 billion while imports cost K12.47 billion, according to the Ministry of Commerce.
“We have reached our target of boosting trade with ITCs last fiscal year and we hope we will be able to do this in the current fiscal year,” said U Win Myint, director at Trade Promotion Department under the ministry.
The department issues ITCs in border trade camps for traders to encourage them to trade legally. A total of 869 cards has been issued so far, it said.
Starting from April 1, the ministry started implementing the National Export Strategy which aims to boost the country’s export sector. The ministry also abolished the provision of fines for late extensions of ITCs from the beginning of this fiscal year 2015-16.
Despite the ministry’s easing of restrictions on trade, illegal border trade is still going strong, traders say. Since last March, the mobile teams in charge of curbing illegal border trades have confiscated goods worth K29.63 billion, according to the minsitry.
Total amount of trade through Individual Trading Cards (ITC) stood at K15.96 billion ($14.97 million), since the Ministry of Commerce introduced the system in November 2012 in a bid to boost border trade.
Exports stood at K3.49 billion while imports cost K12.47 billion, according to the Ministry of Commerce.
“We have reached our target of boosting trade with ITCs last fiscal year and we hope we will be able to do this in the current fiscal year,” said U Win Myint, director at Trade Promotion Department under the ministry.
The department issues ITCs in border trade camps for traders to encourage them to trade legally. A total of 869 cards has been issued so far, it said.
Starting from April 1, the ministry started implementing the National Export Strategy which aims to boost the country’s export sector. The ministry also abolished the provision of fines for late extensions of ITCs from the beginning of this fiscal year 2015-16.
Despite the ministry’s easing of restrictions on trade, illegal border trade is still going strong, traders say. Since last March, the mobile teams in charge of curbing illegal border trades have confiscated goods worth K29.63 billion, according to the minsitry.
