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 structuralreforms and impressive economic growth in the past year, and wants to continuebolstering the economic-trade and investment ties with the nation in the timeto come, a Vietnamese diplomat has said.
At the second review of the trade policies and practices of Myanmar, which tookplace the World Trade Organisation (WTO)’s headquarters in Geneva on February 15-17, Ambassador Le ThiTuyet Mai, head of the Permanent Mission of Vietnam to the United Nations, the WTOand other international organisations affirmed the Vietnam-Myanmar relationshave been unceasingly consolidated in the past time, and both nations upgradedtheir ties to comprehensive partnership.
Two-way trade has been increasing despite formidable challenges caused by theCOVID-19 pandemic, she said.
Mai highlighted Vietnam welcomes Myanmar’s positive response to the regionalintegration progress, stating the country joined hands with the ASEAN memberstates, the Republic of Korea, Japan, New Zealand, Australia and China to finalisenegotiation 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, sheadded.
Through the review, the WTO members had a comprehensive understanding of thedevelopment, changes, and challenges in trade and investment as well as Myanmar’srelevant policies in the fields from 2014 to November 2020.
At the event, the ASEAN member states welcomed Myanmar’s transparency ingranting import licences, customs valuation, technical standards, and epidemiologicalsafety measures, while speaking highly of its response to the COVID-19pandemic through giving support packages and promoting trade which helpedfacilitate conditions for investment.
They also voiced concern over the political situation in the nation, and saidit is necessary to stabilise political situation in each member state with aview 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 nationengaged in multilateral negotiations on e-commerce, an agreement on fisheriessubsidies, facilitation of investment, and micro, small and medium enterprises,among others.
However, they said they were concerned about Myanmar’s transparency on tradeand investment regulations, calling on the nation to continue reforms topromote 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./.
