Ministry of Commerce (MoC) has drafted a new law to parliament with the support of World Bank and German’s development agency GIZ and is expected to be approved within this year.
The draft law is to establish a trade development body made up entirely of cabinet ministers, empower the new authority, promote fair competition and support locally-produced products, acquisition of technology and innovation which will lead to participation in the global business sector and MoC to issue lists of restricted items and non-tariff regulations.
Under the draft law, businesses can import, export and re-export goods by obtaining trade registration certificates and licenses issued by the MoC, according to law firm DFDL.
In the draft law, section 34 empowers the ministry to send trade missions abroad and undertake trade promotional activities and exhibitions domestically and overseas. In addition, a one-stop service board will be set up to manage trade-related licensing and approval procedures.
According to Mr. Nishant Choudhary, DFDL’s deputy managing director in Myanmar, introduction of the one-stop service would be a very helpful and welcome step. Similarly, establishments of trade zones and coordination zones would facilitate trade within Myanmar and would provide a platform for Myanmar products to be marketed outside the country as well.
As of 2018, China is Myanmar's biggest trade partner in terms of approved trade, followed by Thailand, Singapore and the EU.