Myanmar: Exporters permitted to register for customs relief under GSP

Traders engaged in the export of goods to the European Union, Norway, Switzerland and Turkey will be able to apply for customs relief under the Generalised System of Preferences (GSP) at the Ministry of Commerce (MOC).

The GSP is a US trade program designed to promote economic growth in the developing world by providing preferential duty-free entry for up to 4,800 products from 129 designated beneficiary countries and territories.

The MOC last week issued rules enabling traders to register under its Registered Exporter System in order to be exempt from customs under the GSP with those countries.

Traders who are qualified to apply under the Registered Exporter System include those without an existing criminal record as well as those who are able to vouch for the origins of the goods exported.

A trader should apply using the company name registered under the Directorate of Investment and Company Administration and declare that the products to be exported are originally produced to qualify for customs relief, according to the MOC.

Trade between Myanmar and EU, Switzerland, Norway and Turkey is currently at a low level compared to other countries in Asia. This, however, is growing.

In 2017-18, Switzerland, for example, imported more than $6 million worth of goods, mostly garments and precious stones, from Myanmar, according to the MOC.

Meanwhile, Norway imported nearly $8 million worth of Myanmar goods over the same period.

Source: https://www.mmtimes.com/news/exporters-permitted-register-customs-relief-under-gsp.html