China and Myanmar to set up Border Economic Cooperation Zone

• May 24, 2017

A JOINT-COMMITTEE for the establishment of China-Myanmar Border Economic Cooperation Zone would be formed within the year in a bid to boost border trade between the two countries, according to the Ministry of Commerce.

The committee would be headed by the commerce ministers from both Myanmar and China, according to Minister for Commerce U Than Myint.

Myanmar and China signed five memorandums of understanding (MoUs) including one between the ministries of commerce from both countries, on the establishment of China-Myanmar Border Economic Cooperation Zone. The signing of the MoUs took place when State Counsellor Daw Aung San Suu Kyi visited China to attend the Belt and Road Forum for International Cooperation in mid May.

U Than Myint told The Myanmar Times that the joint-committee will discuss details about the creation of the zone along the Sino-Myanmar border.

“Commodities and investments can freely cross the border between the two countries after the establishment of the zone. The joint-committee will need to decide which country’s rules and regulations will be implemented in the zone,” he said.

The commerce ministry added that it will take time to study the procedures and steps necessary for defining and setting up the zone.

Source: http://www.mmtimes.com/index.php/business/26131-china-and-myanmar-to-set-up-border-economic-cooperation-zone.html