EU to grant Generalised System of Preferences
Published on Tuesday, 11 December 2012 20:09
Europena Union agrees to grant Myanmar a Generalised System of Preferences (GPS), one of the tax exemptions from European Union.
The system will be effective by early next year for Myanmar imports to Europe, said a responsible person from Ministry of Commerce at the workshop of Cut-Manufacture-Produce (CMP) last week.
Granting GPS to Myanmar has been decided by European Union Commission. However, approval will be made by European Union Parliament which is still pending status. Upon the approval, Myanmar will earn the benefits of GPS.
According to the benefits of GPS, Myanmar could enjoy the export advantages starting from June 2012 and could claim the relief.
The Ministry of Commerce (MOC) and EU have discussion to cover the special taxation on the exports, except weapons and ammunitions.
The MOC also discussed with EU to provide an easy trade for fisheries, forestry products and garments.
Since the new government took office in 2011, the European Union started to have a constructive attitude towards Myanmar and has lifted its sanctions on trade and investment.
As the International Labour Organisation has also removed its restrictions on Myanmar, which were imposed due to the use of forced labours, EU has decided to grant GSP to Myanmar again.
People who have registered as import and export entrepreneurs at the Ministry of Commerce can obtain the export licenses and apply for GSP if the country, which the products are exported allows GSP benefits
Last September, EU announced that it will grant Myanmar duty-free and quota-free access to the European market for all products except arms and ammunitions.
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