Tariff Exemption For More Than 200 Myanmar Products

Bandar Seri Begawan - Yangon (Xinhua) - Brunei has exempted tariff on more than 200 products imported from Myanmar in a bid to boost bilateral trade which is low, a local media reported Sunday.

The import tariff of 204 Myanmar products were lifted under the ASEAN Integration System of Preference program, the weekly Myanmar Times quoted the Ministry of Commerce as saying.

These products cover cosmetics, tyre, wood products, plywood, parquet, carpets, clothes, fabrics, jewellery (excluding diamonds), electrical appliances and musical instruments.

According to the ministry, the tariff exemption applies to Myanmar products made with local raw materials whereas products made with foreign raw materials, the exemption is qualified only for those using at least 40 per cent of local contents.

Brunei represents the seventh in terms of trade with Myanmar among member countries of the Association of Southeast Asian Nations (ASEAN) ahead of Cambodia and Laos, the sources said, disclosing that Myanmar-Brunei bilateral trade accounted for about 800,000 US dollars out of Myanmar's total trade with ASEAN members which stood 4.06 billion dollars in the fiscal year 2006-07 which ended in March.

The tariff exemption programme, initiated in 2001, is aimed at better integrating the economy of ASEAN's four newest members - Myanmar, Cambodia, Laos and Vietnam with that of its six more developed original members - Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand.

The regional members have agreed to eliminate all import duties by 2010 for its six oldest members and by 2015 for the four latest members under the ASEAN Free Trade Area (AFTA) scheme. -- Courtesy of Borneo Bulletin

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