Brunei tariff exemption boosts Myanmar textile production
Wednesday, 4 July 2007
YANGON, July 3 (Xinhua): Brunei's recent tariff exemption on hundreds of items of products imported from Myanmar has shown a sign of boosting textile production in northern part of Myanmar, the local news journal Pyi Myanmar reported today.
The textile production in upper Myanmar will be tripled thanks to Brunei's tariff exemption measure, textile traders in Mandalay were quoted as saying.
Textile is among over 200 items of goods imported from Myanmar to enjoy tariff exemption in Brunei's bid to boost its trade with Myanmar which is low.
The import tariff of 204 Myanmar products were lifted under the ASEAN integration system of preference programme, according to the ministry of commerce.
These products cover cosmetics, tyre, wood products, plywood, parquet, carpet, clothes, fabrics, jewelry (excluding diamond), electrical appliance and musical instrument.
According to the ministry, the tariff exemption applies to Myanmar products made with local raw materials whereas products made with foreign raw materials, the exemption is qualified only for those using at least 40 per cent of local contents.
Brunei stands as the 7th in terms of trade with Myanmar among member countries of the Association of Southeast Asian Nations (ASEAN) ahead of Cambodia and Laos. Myanmar-Brunei bilateral trade accounted for about 800,000 US dollars out of Myanmar's total trade with ASEAN members which stood at 4.06 billion dollars in the fiscal year 2006-07 which ended in March.
The tariff exemption program, initiated in 2001, is aimed at better integrating the economy of ASEAN's four newest members-Myanmar, Cambodia, Laos and Vietnam with that of its six more developed original members-Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand.
The regional members have agreed to eliminate all import duties by 2010 for its six oldest members and by 2015 for the four latest members under the ASEAN Free Trade Area (AFTA) scheme.
Meanwhile, Thailand will also reduce tariff on agricultural imports from member countries of the Ayeyawaddy-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) under a contract farming scheme with Myanmar.
Meanwhile, the number of motor vehicles running in Myanmar reached 1,000,047 as of May this year, doubling from 530,000 in the past four years, the local Voice journal reported yesterday.
Quoting the road transport department, the report said every more than 55 people own a car out of the current population of over 55 million in the country.
There has been increase also in the number of motor vehicles operating in the former capital of Yangon in the past four years, hitting 126,369 as of May this year, up from 104,358 in December 2002, the report also said.
The textile production in upper Myanmar will be tripled thanks to Brunei's tariff exemption measure, textile traders in Mandalay were quoted as saying.
Textile is among over 200 items of goods imported from Myanmar to enjoy tariff exemption in Brunei's bid to boost its trade with Myanmar which is low.
The import tariff of 204 Myanmar products were lifted under the ASEAN integration system of preference programme, according to the ministry of commerce.
These products cover cosmetics, tyre, wood products, plywood, parquet, carpet, clothes, fabrics, jewelry (excluding diamond), electrical appliance and musical instrument.
According to the ministry, the tariff exemption applies to Myanmar products made with local raw materials whereas products made with foreign raw materials, the exemption is qualified only for those using at least 40 per cent of local contents.
Brunei stands as the 7th in terms of trade with Myanmar among member countries of the Association of Southeast Asian Nations (ASEAN) ahead of Cambodia and Laos. Myanmar-Brunei bilateral trade accounted for about 800,000 US dollars out of Myanmar's total trade with ASEAN members which stood at 4.06 billion dollars in the fiscal year 2006-07 which ended in March.
The tariff exemption program, initiated in 2001, is aimed at better integrating the economy of ASEAN's four newest members-Myanmar, Cambodia, Laos and Vietnam with that of its six more developed original members-Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand.
The regional members have agreed to eliminate all import duties by 2010 for its six oldest members and by 2015 for the four latest members under the ASEAN Free Trade Area (AFTA) scheme.
Meanwhile, Thailand will also reduce tariff on agricultural imports from member countries of the Ayeyawaddy-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) under a contract farming scheme with Myanmar.
Meanwhile, the number of motor vehicles running in Myanmar reached 1,000,047 as of May this year, doubling from 530,000 in the past four years, the local Voice journal reported yesterday.
Quoting the road transport department, the report said every more than 55 people own a car out of the current population of over 55 million in the country.
There has been increase also in the number of motor vehicles operating in the former capital of Yangon in the past four years, hitting 126,369 as of May this year, up from 104,358 in December 2002, the report also said.