Feb 2, 2013

Myanmar-US trade up 200%

After decades of minimal trade between Myanmar and the United States, the bilateral flow of exports and imports has dramatically increased by three times, Myanmar’s Ministry of Commerce has announced.

“From 2003 to 2010-11, trade between Myanmar and the US fell short of US $100 million,” said a Ministry spokesman. “In 2011-12, with a new government in office, the total amount of trade has increased to $300 million.”

The significant factor in this increase is, of course, the easing of economic sanctions on Burma by the US government last year. Since then, many US investors and major firms have made known their interest in entering Burma’s trading, agriculture and energy sectors.

On January 9, a US delegation led by Senator James Mountain Inhofe visited Burmese President Thein Sein at the Presidential Palace in Naypyitaw to discuss bilateral cooperation.

During the meeting, they are reported to have discussed Myanmar’s oil and gas sectors, and the forming of committees to ensure the implementation of trade and business agreements.

Source: Mizzima