On 6 June 2019, the Ministry of Commerce (“MOC”) issued Notification No.24/2019 (the “Notification”) that allows foreign companies to export certain local products by exercising powers under Section 13 (b) of the Export and Import Law.
In order to raise the quality of Myanmar exports, boost international demand for local goods and raise earnings for domestic producers, MOC will now allow foreign companies and joint ventures companies (“Companies”) to purchase the following seven categories of commodities from local producers/manufacturers for export in line with the prescribed terms and conditions.
Pursuant to the Notification, it is noted that the prescribed terms and conditions must be followed when the Companies perform the exportation. Generally, the following exports are subject to the recommendations, prescribed terms and conditions:
However, the MOC will provide further updates as necessary subject to local demand, market position and conditions of local businesses involved with the categories of commodities.
Partner, Managing Director
Deputy Managing Director
Head of Banking & Finance Practice
The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.