EU to grant Generalised System of Preferences

Published on Tuesday, 11 December 2012 20:09

A fisheries factory from Yangon Region operating under Cut-Manufacture-Produce (CMP) system 
(Photo - Min Thiha Zaw/EMG)

European Union agrees to grant Myanmar Generalised System of Preferences (GSP), the EU’s tariff preferences granted to the developing countries.

The system will take effect early next year for Myanmar exports to Europe, said a representative from the Ministry of Commerce (MOC) at the workshop of Cut-Manufacture-Produce last week.

Granting GSP to Myanmar is a decision made by the European Commission, but it is still pending approval by the European Parliament.

Myanmar will benefit from the GSP once it obtains the approval.

People who have registered as import and export entrepreneurs at the Ministry of Commerce can obtain the export licences and apply for GSP if the country, to which the products are exported allows GSP benefits.

The MOC has also discussed with EU about establishing an easy trade route for fisheries, forestry products and garments.

Since the new government took office in 2011, the European Union has adopted a constructive attitude towards Myanmar and has lifted its sanctions on trade and investment.

Last September, EU announced that it would grant all made-in-Myanmar products duty-free and quota-free access to the European except for arms and ammunitions.