Legislation seeks to control country’s imports

Legislation seeks to control country’s imports

Related imageThe Pyidaungsu Hluttaw announced the passing of the Law to Prevent an Increased Quantity of Imports on December 24,2019. Under to the new law, the Committee for Preventing an Increased Quantity of Imports will be formed and led by the Union Minister of Ministry of Commerce, the lead entity in the enforcement of the law.

The main of the new law is to enable the systematic investigation of serious injury to domestic producers or serious threat to domestic producer due to the increase in quantity of any kind of imports into Myanmar, and to support the competitiveness of domestic manufacturers during a certain period. The passing of legislation to manage the quantity of imports is needed to help the country’s economic development. The new law will be especially helpful for small and medium enterprises.

The law defines an “increased quantity of imports” as “a quantity of any kind of imports into Myanmar significantly higher than the amount of domestically produced goods that are similar or directly competitive”.Remedies under the law include tariffs and restrictions on import quantities.
Total trade volume for the period between October 1, 2018 and September 30, 2019 US$35 billion, with exports valued at $16.9 billion compared to imports of $18 billion. At $1.1 billion, the trade deficit falls short of the government’s target of $500 million. That trade deficit to $1.1 billion in fiscal 2018-19 is the first time in six years that imports grew faster than exports.

Source: Myanmar Times

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