The Ministry of Planning and Finance announced that the tariff reduction program between Myanmar and nine countries, including China and Thailand, has come into effect under the Regional Comprehensive Economic Partnership (RCEP) agreement. The agreement between Myanmar and China, Thailand, Indonesia, Malaysia, Singapore, Laos, Brunei, Vietnam and Cambodia has entered into force, the ministry said.
The Customs Department has also announced that the required information must be must be entered on the IDA Screen to enjoy reduced tariffs on goods imported into Myanmar. The reduced tariffs on imported goods can be enjoyed starting from May 14 as necessary adjustments have also been made to the Myanmar Automated Clearance System (MACCS). The RCEP agreement is the world’s largest free trade agreement signed by 10 ASEAN member countries, Australia, China, Japan, Korea and New Zealand.
Myanmar signed the trade agreement on November 15, 2020. Myanmar will enjoy 65 percent duty-free access to all goods lines when exporting to RCEP member countries. RCEP member countries will enjoy only 30 percent duty-free access to all goods lines when exporting to Myanmar, Cambodia, and Laos. In addition, the remaining member countries will have to provide 80 percent duty-free access to all goods lines 10 years after the agreement coming into force, but Myanmar will do so only after 15 years.
