Nishant Choudhary, DFDL Myanmar Deputy Managing Director, was quoted in a recent Myanmar Times Article on the Trade Authority draft law.
The Ministry of Commerce (“MOC”) has recently drafted a law to establish a trade development body, vesting it and the MOC with the powers to issue lists of restricted items and non-tariff regulations. It aims to promote fair competition and support locally-produced products, along with incentivizing the acquisition of technology and innovation which will lead to more proactive participation in the global business sector.
Nishant explains how under the draft trade law, businesses can import, export and re-export goods by obtaining trade registration certificates and licenses issued by the commerce ministry.
He adds that the draft law appears very modern and in sync with international norms, while stressing as always that its effectiveness will largely depend on proper execution and the degree to which the legislature takes its implementation seriously.
Nishant also observes that the introduction of a one-stop service represents a very positive and welcome step. Similarly, the establishment of trade zones and coordination zones would facilitate trade within Myanmar while simultaneously providing a platform for Myanmar products to be marketed outside of the country.
He ends on an interesting note that the [draft] law seemingly intends to regulate the e-market as well, a market sector that hitherto this point has largely been unregulated in Myanmar.
The full Myanmar Times Article “Draft law to create trade authority, empower commerce ministry” can be found here: https://www.mmtimes.com/news/draft-law-create-trade-authority-empower-commerce-ministry.html.
Deputy Managing Director,
Head of Banking & Finance Practice