SMEs will be able to connect to the global manufacturing network

The 15 members of the RCEP will have more business opportunities, and Myanmar’s small and medium enterprises will be able to connect to the global manufacturing network, according to the Ministry of Investment and Foreign Trade. Than Aung Kyaw, Director-General of the Department of Foreign Economic Relations said. The Regional Comprehensive Economic Partnership (RCEP) is for the 10 ASEAN members and its six dialogue partners: China, Japan Korea India It is a free trade agreement between Australia and New Zealand. The agreement, which includes developed countries, will provide better trade and investment opportunities for Myanmar’s exports as it seeks to revive Myanmar’s economy beyond COVID-19.

According to state-run newspapers, the technology and assistance required for the transition to a technology-based digital economy, especially in the post-COVID-19 period, will be available in accordance with the terms of the Economic and Technological Cooperation Chapter of the Convention. The RCEP is comprised of 10 ASEAN member states and six dialogue partners: Australia, China, India, Japan, South Korea and New Zealand are negotiating a Regional Comprehensive Economic Partnership (RCEP) agreement, which began in 2013. RCEP accounts for almost half of the world’s population, accounting for 42.2% of the global economy; It is expected to become one of the world’s largest trade groups, accounting for 29.1 percent of world trade and 32.5 percent of global foreign investment.

According to the Ministry of Investment and Foreign Trade, Myanmar’s participation in the RCEP will increase Myanmar’s exports to a market that accounts for about half of the world’s population with duty-free access. The RCEP is intended to be a more modern, comprehensive, high-quality and mutually beneficial free trade agreement than the current ASEAN Free Trade Agreement. Myanmar’s participation in the Regional Comprehensive Economic Partnership (RCEP) will provide opportunities for Myanmar’s exports to more than half of the world’s population with duty-free access, and the agreement will also increase investment from signatories to Myanmar.

Source: Daily Eleven


Going Digital Webinar

Date: 22 November 2020 ( Sunday), 10 A.M


  • U Thaung Tin ( Founder & Chairman, Knowledge Management Dedication (KMD)Co.,Ltd, Vice President, UMFCCI)
  • Dr. Tun Thura Thet (Founder & CEO Myanmar Information Technology Co. Ltd Vice President Myanmar Computer Federation)
  • U Aung Kyaw Moe (Founder & Group CEO , 2c2p)

Moderator: Daw Thiri Yadanar Kyaw (Founder & CEO, T Capital Limited
Executive Member, YRYEA)

Contact address: MYEA and YRYEA Facebook Live

Organizer: YRYEA- Yangon Region Young Entrepreneurs Association

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Myanmar exports over 160,000 tonnes of rice as of 6 November

THE volume of rice and broken rice exported between 1 October and 6 November in the current financial year 2020-2021 reached 163,413 metric tons, worth over US$60.67 million, according to an announcement from the Myanmar Rice Federation (MRF). Maritime trade constitutes 54.9 per cent of rice exports, generating $33 million from over 89,764 tonnes of rice, while border trade accounts for around 45 per cent of the total rice exports. Rice
exports through the land border have generated an estimated income of $27.55 million from over 73,649 tonnes of rice. Myanmar’s rice is shipped
to 26 foreign countries in October 2020. MRF expected to ship 2.4 million tonnes of rice, and broken rice in the last FY ended 30 September 2020.

The country surpassed the export target, sending over 426,611 metric tons to neighbouring countries through border trade and over 2.15 million tonnes of rice and broken rice to foreign trade partners via maritime trade, totalling over 2.58 million tonnes. A surge in rice export through sea trade was contributed to meeting year’s export target, MRF stated. Myanmar targets to export 4 million tonnes of rice and broken rice in the current financial year 2020-2021, said U Aung Than Oo, vice president of Myanmar Rice Federation (MRF). Myanmar shipped 3.6 million tonnes of rice in the FY2017-2018, which was an all-time record in rice exports. The export volume plunged to 2.3 million tonnes, in the FY2018-2019. Yangon gold merchants seek large-scale trading permit around 100 trucks of watermelons and muskmelons could pass through Kyin San Kyawt border checkpoint. The inspection at China’s checkpoint takes longer for drivers beginning from 16 November, and only 50 trucks can enter border crossing. If around 200 watermelon/muskmelon trucks enter the Muse land border, the traffic congestion will worsen.

Muse depot traffic control is monitoring the trucks at its upmost, said the owner of Khwar Nyo Fruit Depot. The prices of watermelon move in the range of 4,500-6,000 Yuan per tonne on 17 November, while muskmelon is priced 4,000-5,800 Yuan per tonne. The COVID-19 resurgence in Myanmar directly affected the border trade, and some truck drivers have tested positive for the coronavirus. As China is tightening the border security to contain the spread of COVID-19, it caused the delay in trade. Earlier, trading was conducted in Muse border. The COVID-19 conditions blocked Chinese traders to come. As China has been stepping up border control measures to contain the spread of the COVID-19, the driver substitution policy has been exercised on Muse, Mang Weing and Kyalgaung border route, said chair of Muse-Namkham Chamber of Commerce. Myanmar exports more than 800,000 tonnes of watermelons and 150,000 tonnes of muskmelons every year. Workers load sacks of rice onto a truck in Yangon.

Source: The Global New Light of Myanmar


Myanmar will strive to implement RCEP trade deal, says State Counsellor

The Regional Comprehensive Economic Partnership (RCEP) agreement will bring investments into Myanmar and create jobs but is expected to heighten competition for small enterprise, business people say. The RECP, the world’s largest free trade agreement, was signed by Myanmar and 14 other Asia-Pacific countries on Sunday. It covers the 10 member states of the Association of Southeast Asian Nations (ASEAN), of which Myanmar is part of, as well as the People’s Republic of China, Japan, South Korea, Australia and New Zealand. The deal represents around 30 percent of the world’s population, 30pc of global GDP and about 28pc of international trade.

Myanmar will try its best to implement the RECP provisions, said State Counsellor Daw Aung San Suu Kyi. U Than Aung Kyaw, director genereal of Foreign Economic Relations Department, said the RECP will play a key role in establishing free trade areas and will boost reforms in e-commerce, government procurement and intellectual property rights. The Union of Myanmar Federation of Chambers of Commerce and Industry’s (UMFCCI) vice president U Maung Maung Lay said the deal will bring about more attractive tax rates for businesses, benefit consumers and pave the way for globalization. Living standards will improve and there will be more competitive measures. It will reduce corruption and create more job opportunity. There will be a better supply chain and prices of products will be cheaper for high import volume. Myanmar needs to support small enterprises to develop and become more competitive, or else outside players will dominate the local market.

Myanmar’s manufacturing capacity and worker skills need to improve and have a good environment. Get rid of red tapes and welcome businesses with red carpet. The RECP programme could also be a timely remedy to support Myanmar’s recovery from the COVID-19 shock next year, facilitating trade and investments. The economics shock from COVID-19 has dealt a heavy blow to an already difficult situation for tourism, food and beverage and retail businesses, which had been hit by lower tourist arrivals caused by the northern Rakhine crisis. But foreign investment approvals in the fiscal year ending September 30 recorded the highest amount over the past five years.

Producers in Myanmar will also have access to bigger markets under the RCEP deal. But the business environment and e-services need to catch up. The government’s special car import licenses for officials, announced in September, has come under attack by business groups and opposition politicians for undermining Myanmar’s FDI environment and hurting automotive investors. According to the RCEP, Cambodia, Laos and Myanmar will enjoy special arrangements regarding tax and customs reductions. Member countries covered by RCEP will have to reduce 65pc of customs for all goods, but the three frontier economies will only need to lower 30pc. After 10 years, the other countries will have to reduce customs taxes to 80pc in total but it will only apply to Myanmar in 15 years’ time.

Source: Myanmar Times