Local Property News | Posted by Aye Myat Thu
The European Union (EU) has announced that it will not withdraw the trade privileges it has offered Myanmar and it will continue to monitor the GSP/ EBA. The European Union said Myanmar must show significant progress in ten sectors of human rights and labour forces. The European Union has offered Myanmar, Bangladesh and Cambodia exclusive trade privileges.
As of 2020 February, the European Union partially withdrew Cambodia’s trade privileges, saying the government had systematically violated human rights and it will continue to monitor Myanmar and Bangladesh.
A country that was granted trade privileges (GSP / EBA) from EU has the right to import Everything But Arms (EBA) to 27 EU member countries with exemption from tax.
The trade privileges were granted to Myanmar in 2013 by the EU. By using this trade privileges, Myanmar imported goods worth € 2.2 billion to EU in 2018. According to EU, Myanmar has received more than € 250 million in tax exemption due to this trade privileges.
The products imported from Myanmar are garments and footwear and most women are working in this sector.
Written by iMyanmarHouse.com Team
Credit: iMyanmarHouse.com
