Irish EU Presidency Secures Preferential Trade Terms For Myanmar

by Ulrika Lomas, Tax-News.com, Brussels

14 June 2013

Myanmar is to be re-admitted to a European Union preferential trading scheme, thanks to a deal negotiated by the Irish Presidency.

The Irish Presidency and the President of the European Parliament have co-signed legislation that will permit Myanmar's re-admission to the Generalised System of Preferences Regime (GSP). Under the scheme, a number of products from Myanmar will benefit from reduced tariffs in European markets.

Access to the GSP was withdrawn in 1997 as a result of what the EU has called "serious and systematic practices of forced labour." The European Commission's proposal to permit re-entry was prompted by a series of reforms made in Myanmar since 2011.

Commenting on the initiative, Ireland's Jobs Minister Richard Bruton said: "The aim of the scheme is to use trade to promote development through increased exports and income growth. … Given the positive developments in Myanmar/Burma in the recent past, it is important that the EU supports this by facilitating economic growth and development opportunities."

TAGS: European Commission | Burma | Ireland | tariffs | legislation | trade | Europe

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

To manage your mailing list preferences, please click here »