31
MAR2017 FOOD FOCUS THAILAND
SURF
THE AEC
In addition, as Myanmar is considered as the
Least- Developed Beneficiary Developing Countries:
(LDBDCs), resumingofUS’sGSP inMyanmar ismean
ofgiving tax-freeprivileges to import5,000commodities
fromUSwithazero tax. In2016,UShad imported150
milliondollarsof goods fromMyanmar,which isabout
0.006%of the totalUS importedgoods. However,after
GSP has resumed, the mutual trade volumes are
expected to increase significantly. The top-three
exportedgoods fromMyanmar toUSare frozen foods
(23% of total US imported goods from Myanmar)
leatherworks (20%) and clothing (19%). Details are
shown in table 1.
Meanwhile, this lifting of economic sanctions has
provided Thai entrepreneurs an advantage to do
business in Myanmar more conveniently, especially
making financial transactions directly with banks in
Myanmar,whichhelps to reduce the transactioncost,
mainly the cost of international money transferring to
settle theproductcostsandservices inMyanmar.Also,
the lifting is considered as the attractivemeasure for
general investors to consider doingmorebusinesses
inMyanmar.Therefore,Thaientrepreneursshouldnot
ignore this potential business opportunity by getting
intoMyanmarmarket during this special period.
