Forecasts for Myanmar’s continuing economic growth are backed with excellent trading figures in 2017 and now positive forecasts for 2018.
If you follow our blogs you will have read the positive news for The new Myanmar Investment Law and The Companies Act.
Changes are progressing and trading volumes will benefit even more once all the changes have come into force, scheduled for Autumn this year.
Prior to changes in trading regulations it was only Myanmar companies and those partnering with foreign companies that could trade overseas. All firms can now import or export within specified sectors – agricultural products (pesticides, seeds) and also equipment for the hospital and construction sectors.
Products are now categorised via the Harmonised System (HS) Classification of Goods. This makes trading easier and the allocation of tariffs. The classifications are standardised across all ASEAN member countries*.
Myanmar is party to a number of Free Trade Agreements (FTA) entered into between ASEAN on behalf of all member states and other nations. Preferential tariff rates apply to goods imported from these countries and a schedule of reductions over time has been agreed with a view to eventually eliminating tariffs altogether. You can easily see the tariffs by viewing the Myanmar Trade Portal and entering the commodity code or description.
International Laws are being introduced to bring Myanmar in-line with global trading guidelines that protect trading parties. This also levels the playing field for what was once a market heavily biased in favour of Myanmar domestic companies.
Our blogs have reported on the changes in regulations allowing more foreign investment in Myanmar. This rate of change continues to increase, giving further boosts to trading figures. These changes have also made it easier for companies to complete the stages for company incorporation in Myanmar. This assistance was the first service FocusCore provided when we opened in Myanmar in 2014. Since then we have added a wide range of corporate services to assist the expansion of our client companies. These include full bookkeeping services and most recently a staff pool available to work for your company, full time, immediately.