EU re-opens its markets to Myanmar
Following an announcement of June 13, 2012 of ILO, the International Labour Office of the UN United Nations that Myanmar (Burma) has made recent efforts to improve the political, social and labour environments in that country, the EU has re-installed on July 19 the trade preferences suspended since 1997 and retroactive as of June 13, 2013
“Everything But Arms” falls under the EU’s Generalised Scheme of Preferences, intended to boost Burma’s economy by providing it with tariff preferences for its exports to the EU member states. The UN classifies Myanmar as Least Developed Country (LDC).
The EU Commission believes that, despite the many structural constraints the country continues to face, the preferential trade regime will increase the country’s exports to the EU. Myanmar exported a value of EUR 164 million, and limited to clothing, to EU countries in 2012, a share of around three percent of its total worldwide exports and a share of 0.01 % of EU’s total imports.