Vietnam wants to continue boosting trade ties with Myanmar: Ambassador

Ambassador Le Thi Tuyet Mai, head of the Permanent Mission of Vietnam to the United Nations, the WTO and other international organisations (Photo: VNA)

Geneva (VNA) - Vietnam hails Myanmar’s achievements in structural reforms and impressive economic growth in the past year, and wants to continue bolstering the economic-trade and investment ties with the nation in the time to come, a Vietnamese diplomat has said.

At the second review of the trade policies and practices of Myanmar, which took place the World Trade Organisation (WTO)’s headquarters in Geneva on February 15-17, Ambassador Le Thi Tuyet Mai, head of the Permanent Mission of Vietnam to the United Nations, the WTO and other international organisations affirmed the Vietnam-Myanmar relations have been unceasingly consolidated in the past time, and both nations upgraded their ties to comprehensive partnership.

Two-way trade has been increasing despite formidable challenges caused by the COVID-19 pandemic, she said.

Mai highlighted Vietnam welcomes Myanmar’s positive response to the regional integration progress, stating the country joined hands with the ASEAN member states, the Republic of Korea, Japan, New Zealand, Australia and China to finalise negotiation and clinch the Regional Comprehensive Economic Partnership (RCEP) - an important milestone in the region’s trade cooperation.

Vietnam hoped Myanmar would be successful in this trade policy review, she added.

Through the review, the WTO members had a comprehensive understanding of the development, changes, and challenges in trade and investment as well as Myanmar’s relevant policies in the fields from 2014 to November 2020.

At the event, the ASEAN member states welcomed Myanmar’s transparency in granting import licences, customs valuation, technical standards, and epidemiological safety measures, while speaking highly of its response to the COVID-19 pandemic through giving support packages and promoting trade which helped facilitate conditions for investment.

They also voiced concern over the political situation in the nation, and said it is necessary to stabilise political situation in each member state with a view to forming an ASEAN Community of peace, stability and prosperity.

Meanwhile, all WTO members hailed Myanmar’s efforts in poverty alleviation, inequality reduction, and clear economic transformation.

Several welcomed Myanmar’s proactive participation in the WTO since the nation engaged in multilateral negotiations on e-commerce, an agreement on fisheries subsidies, facilitation of investment, and micro, small and medium enterprises, among others.

However, they said they were concerned about Myanmar’s transparency on trade and investment regulations, calling on the nation to continue reforms to promote growth and handle inequality.

Trade Policy Reviews are an exercise, mandated in the WTO agreements, in which member countries’ trade and related policies are examined and evaluated at regular intervals. Significant developments that may have an impact on the global trading system are also monitored. All WTO members are subject to review, with the frequency of review depending on the country’s size./.