The United States’ Generalised System of Preferences (GSP), set up in 1974, strikes duties off imports that come from 122 countries and territories and Myanmar is not a part of its as of now, the US has indicated that after the reauthorisation of GSP in June, the country may become eligibile for GSP benefits.
After reviewing the progress the government of Myanmar has made over the last few years on labour rights reform, including its ongoing efforts to address issues related to freedom of association and other internationally recognised worker rights, the US will decide upon granting GSP access to the country.
Trade between Myanmar and the United States is relative too little compared to its rivals. Myanmar’s total bilateral trade for this fiscal year to November was around $17.1 billion, according to the Ministry of Commerce. Meanwhile, bilateral trade between Myanmar and the US for the year ending in October came to just over $300 million.
Meanwhile, Myanmar’s currency kyat has been witnessing a constant fall against the US dollar, which is making a negative impact not only on the country’s domestic market but even export oriented businesses. The currency has fallen by more than 25 per cent against to the dollar this year to 1,300 kyat on Tuesday this week, its weakest. In the unofficial market, the rate reached up to 1,315 kyat.
