The Department of Trade under the Ministry of Commerce will no longer fine traders for failing to extend import and export licences on time, the department announced.
This action, which will come into effect on April 1, is one of several intended to ease restrictions on trade in line with newly liberalised economic policies.
The Department of Trade has set fines for late extensions of the licences since June 15, 2013. It imposed a find of K5,000 ($5) for the first month to extend an expired licence, K15,000 for the second month, and K30,000 for the third month.
Several local traders have come forth in praise of this new policy, saying that the lifting of the fine is one more step towards freer trade policies.
They said the government should ease more fines and restrictions to promote trade.
In the first nine months of the 2014-15 fiscal year, Myanmar saw a trade deficit of almost $4 billion, official statistics show.
During this period, Myanmar exported $8.6 billion worth of goods and imported $12.3 billion. The Central Statistical Organisation said that this deficit has grown from $2.7 billion in 2013-14, when the country exported $11.1 billion and exported $13.8 billion.