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Industry Developments

Myanmar business organization calls on EU to deliberate on trade sanctions

Source: Xinhua News Agency

The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) called on the European Union (EU) to deliberate on its intended trade sanctions on the country, expecting a balanced assessment with the issue after meeting with representatives from all sectors, according to a press release of the UMFCCI Tuesday.


An EU monitoring team, in its mission to observe and assess facts if it should withdraw its Generalized Scheme of Preference (GSP) previously offered to Myanmar, met with business circle, led by the UMFCCI, in Yangon Monday.


The UMFCCI urged for support from the international community including the EU for the long-term development of the country's present status, while Myanmar is in a democratic transition with momentum, assisted by the EU.


According to official statistics, in last FY 2017-2018, the country earned about 2.5 billion US dollars from garment exports.


The country's garment is mostly exported to Japanese and European markets as well as markets of China, South Korea and the United States.


There are over 400 garment factories with more than 300,000 workers in the industry.


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