Latin America Trade
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EU lets Myanmar back into preferential trade scheme
The European Union has readmitted Myanmar to a scheme allowing it to benefit from lower duties on exports, a further sign of the its rehabilitation following political reforms.
Myanmar will return to the EU’s Generalized System of Preferences (GSP), having been forced out in 1997 due to systemic practices of forced labour, Ireland, which holds the rotating EU presidency, said in a statement.
“Given the positive developments ... it is important that the EU supports this by facilitating economic growth and development opportunities,” Richard Bruton, Irish minister for jobs, enterprise and innovation, said.
The EU’s decision had been conditional on the International Labour Organisation reporting improvements regarding forced labour, which it did a year ago.
The United States, the European Union and others have gradually loosened restrictions on Myanmar in the last two years after it opened up its political system and freed hundreds of political prisoners. (Reuters)
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