Vietnam aspires to promote stronger trade ties with Myanmar

Ambassador Le Thi Tuyet Mai, head of the Permanent Mission of Vietnam to the UN, the World Trade Organisation (WTO), and other international groups, stated this at the second review of the trade policies and practices of Myanmar, which was held from February 15 to February 17 at the WTO’s headquarters in Geneva.

Recent times have seen mutual ties strengthened, with both sides upgrading their ties to the level of a comprehensive partnership.

Furthermore, two-way trade has also been increasing despite facing formidable challenges caused by the impact of the novel coronavirus (COVID-19) pandemic, Mai said.

The Vietnamese diplomat also highlighted Myanmar’s positive response to the regional integration process, stating they participated alongside ASEAN, the Republic of Korea, Japan, New Zealand, Australia, and China to finalise negotiations. Indeed, this served to secure the Regional Comprehensive Economic Partnership (RCEP), an important milestone in the region’s trade co-operation.

Mai is therefore hopeful that Myanmar will be successful in its trade policy review.

Through the review, WTO members gained a comprehensive understanding of the development, changes, and challenges that may occur in trade and investment, as well as relevant policies by Myanmar in the fields from 2014 to November, 2020.

During the course of the event, ASEAN member states welcomed Myanmar’s transparency in granting import licenses, customs valuation, technical standards, and epidemiological safety measures. In addition, participants spoke highly of their response to the COVID-19 pandemic through offering support packages and promoting trade which ultimately helped to facilitate conditions for investment.

They also expressed concern regarding the ongoing political situation in Myanmar, adding that it is necessary to stabilise the political situation in each member state with a view of forming an ASEAN Community of peace, stability, and prosperity.

Furthermore, all WTO members praised their efforts to alleviate poverty, reduce inequality, and transform their economic landscape.

Several participants also welcomed their proactive involvement in the WTO since first engaging in multilateral negotiations on e-commerce, an agreement on fisheries subsidies, facilitation of investment, and micro, small, and medium enterprises, among others.

Despite this, there remains concerns regarding Myanmar’s transparency on trade and investment regulations, with members calling on the nation to continue reforms to promote growth and handle inequality.