EU threatens to impose trade sanctions on Myanmar

The European Union (EU) has threatened to impose trade sanctions on Myanmar if it fails to address the concerns of the international community, reports UNB.
"The EU stands ready to provide necessary support to Myanmar to address the concerns of the international community. Nevertheless, withdrawal of trade preferences is a clear possibility if other channels of cooperation have failed to reach results," it said.
A monitoring mission of experts from the European Commission and the European External Action Service visited Myanmar from October 28 to 31.
This follows deeply worrying developments highlighted in various United Nations reports, in particular as regards human rights violations in Rakhine, Kachin and Shan States and concerns around labour rights.
EU Commissioner for Trade Cecilia Malmstrom said, "We now expect Myanmar to address the severe shortcomings that have been highlighted during this monitoring mission.
If they do not act, Myanmar authorities are putting their country's tariff-free access to the EU market in danger-a scheme which has proved to be vital for the economic and social development of the country, providing thousands of jobs to workers in sectors such as textiles, agriculture and fisheries."
Malmstrom said trade, done right, is a powerful force for good.
"Since several years, we have worked to ensure that trade preferences and access to the EU market are an incentive to promote fundamental human and labour rights."
The EU Trade Commissioner said they are committed to helping Myanmar improve the situation and ensure that the principles enshrined in the international conventions to which Myanmar has committed are not undermined.