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Myanmar to benefit from ease of doing business with the US

Garment factories in Myanmar are expected to benefit from the United States' decision to ease trade restrictions with the country. Players are of the opinion that it would not only give a thrust to exports to the US but also strengthen domestic industries.

In 2014, Myanmar-US trade value stood at $185.6 million (Bt6.67 billion), with Myanmar exports valued at $92.7 million, according to the US Department of Commerce. In the first 10 months of this year, exports to the US rose to $116.7 million, along with an increase in bilateral trade value to $306.1 million. The US put a lid on Myanmar imports in 2004. The activity resumed only in 2013, with goods valued at $19.9 million shipped to the US. Myanmar exported $1.56 billion worth of garment products in 2014, according to the Myanmar Garment Manufacturers Association, which expects the value to hit $2 billion this year from just over $900 million in 2012. According to the association, GAP is a pioneering US company to source "Made in Myanmar" garments. Others are H&M, Primark and Adidas.

Now the industry experts are looking forward to the US lifting all economic sanctions and GSP-like status is offered to the country like the EU, which will prove to be the major push to expand its business in the foreign countries.

 
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