EU reopens trade scheme for Myanmar
Published on Friday, 14 June 2013 19:47
A Myanmar garment factory to enjoy EU trade preference scheme
(Photo-Win Myint Kyaw/EMG)
The European Union (EU) readmitted Myanmar to its trade preference scheme on Wednesday, saying it wanted to support reform in Myanmar through economic development. The EU scheme grants developing nations preferential access to the 27-nation bloc for several products in the form of lower tariffs.
The President of the European Parliament, Richard Bruton signed the legislation on the same day confirming Myanmar's readmission.
"Because of positive developments in Myanmar happening recently, it is important that the EU supports this by facilitating economic growth and development opportunities," said Burton, who is also the Irish Minster for Jobs and Enterprise.
The EU agreed in April to lift all sanctions on Myanmar except on arms trade, economic and individual sanctions, after President Thein Sein's recent five county European tour.
Justine Greening, UK's International Development Secretary, welcomed the news.
"We have been calling for the EU to recognize that the situation in Myanmar is improving and this is great news," said Greenling.
"Boosting trade and exports is vital if Myanmar is to develop its economy and escape years of poverty," she added.
Source: http://www.articles.myanmaronlinecentre.com/eu-reopens-trade-scheme-for-myanmar/
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