‘EU to continue engaging with Myanmar under EBA trade-preference initiative’

‘EU to continue engaging with Myanmar under EBA trade-preference initiative’

A file photo of a garment worker in Southeast Asia. The EU says it will continue engaging with developing countries, including Myanmar, under its trade preferences initiatives. Photo - EPA

The European Union (EU) will continue to engage with countries, including Myanmar, that fall under its Everything But Arms (EBA) trade initiative.

EBA is an initiative under which all imports to the EU from the Least Developed Countries are duty-free and quota-free, with the exception of armaments. The initiative is part of the EU Generalised System of Preferences (GSP) aimed at encouraging development of the world’s poorest countries.

Separately, the EU released a report titled “EU Enhanced Engagement with three Everything But Arms beneficiary countries: Bangladesh, Cambodia and Myanmar”. The report, for the period 2016 to 2017, covered the EU’s engagement with the beneficiary countries.

EU Ambassador to Myanmar Mr Kristian Schmidt said “Around the world, the EU’s trade is a crucial tool to improve human rights, labour rights and good governance. Through the EU’s Generalised Scheme of Preferences, we help developing countries grow in a sustainable manner. Also in Myanmar, EBA preferential trade tariffs have helped to lift thousands out of poverty and reduce inequalities. Since 2015, Myanmar’s exports to the EU have grown by over 230 percent.

Myanmar’s main exports to the EU under the EBA are apparel and clothing. Myanmar increased its exports to the EU 10-fold since it was granted EBA preferences in 2013.

Source: Myanmar Times

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