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Myanmar - Latest News/Current Events, Economic Overview & Trade Relations

AEI | Quick Facts about Myanmar

Official Name Union of Burma
Capital Rangoon (Yangon)
Location Southeastern Asia, bordering the Andaman Sea and the Bay of Bengal, between Bangladesh and Thailand
Area total: 678,500 sq km land: 657,740 sq km water: 20,760 sq km
Climate tropical monsoon; cloudy, rainy, hot, humid summers (southwest monsoon, June to September); less cloudy, scant rainfall, mild temperatures, lower humidity during winter (northeast monsoon, December to April)
Terrain central lowlands ringed by steep, rugged highlands

Myanmar Forests Could Earn Nation $1b

Myanmar could earn an estimated $1 billion if the country reduces deforestation under a carbon trading initiative proposed at the United Nations Climate Change Conference in November 2008.

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Wages and Jobs Shrinking in Myanmar

At least 3000 jobs have been eliminated in Myanmar last week, as the country starts to feel the effects of the global financial crisis.

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Forests Rethink Could Earn Burma $1b

Under an initiative proposed at the United Nations Climate Change Conference, industrialized nations would pay Myanmar and other rainforest nations to reduce their deforestation rates.

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Myanmar Seeks Better Business Ties with Brunei

Myanmar delegates visiting Brunei cited the need for possible tourism and energy alliances.

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Myanmar Retrieves More Lands for Industrial Expansion

Myanmar is retrieving more lands in its biggest city of Yangon for the purpose of increasing its industrial zones.

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India, Myanmar to Sign Agreement on Port

Despite political turmoil in Myanmar, India and Myanmar are very likely to sign an agreement on a port at the Kaladan River very soon. The river will provide India's land-locked states in the

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Trade Agreements

ASEAN - China Free Trade Area

The ASEAN - China Free Trade Agreement will apply in an area involving 1.7 billion consumers, making it the world's largest trading area. The agreement currently establishes a zero-tariff market. The agreement now contains trade in goods, services and dispute settlement. Investment is still under negotiation.

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ASEAN - Korea Free Trade Area

Under the ASEAN- Korea Free Trade Agreement, Korean businesses will gain access to the ASEAN market, which contains nearly 500 million people. The agreement contains trade in goods and tariffs will be either eliminated or reduced on Korean products. http://www.aseansec.org/18063.htm

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ASEAN Free Trade Area

Initiated in 1992, ASEAN Free Trade Area (AFTA) main mechanism used to reduce tariffs in ASEAN. It originally contained six members (Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand) the other four members (Vietnam -1995, Laos -1997, Myanmar-1997 and Cambodia-1999) joined after the original agreement was signed. In order to join ASEAN, they had to agree to AFTA. The overall objective of AFTA is to encourage more foreign investment to ASEAN and establish ASEAN as a world competitor by eliminating both tariff and non-tariff barriers within ASEAN. Over the next 15 years, ASEAN agreed to reduce tariffs 0-5%. http://www.aseansec.org/19346.htm

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Global System of Trade Preferences among Developing Countries

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Trinidad And TobagoTrinidad And Tobago

The Global System of Trade Preferences arose out of the United Nations Group of 77. The Group first appeared interested in 1976 to develop a global system of trade for developing countries. Over years of negotiations, the agreement was signed by the participating members of the Group of 77. The members are currently looking to expand their economic ties to other developing countries in Asia, Latin America and Africa. http://www.unctadxi.org/templates/Page____6207.aspx

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Trade and Investment Framework Arrangement between the United States of America and the Association of Southeast Asian Nations

The Enhanced partnership between ASEAN and the United States will increase cooperation and understanding in the areas of politics, economics and safety.  EAI, Enterprise ASEAN Initiative, will strengthen economic cooperation and will allow and increase of trade and investment between both parties.  Both sides have also vowed to work together on various projects in the development arena including, fighting infectious disease and disaster relief. http://www.ustr.gov/assets/Trade_Agreements/TIFA/asset_upload_file932_9760.pdf

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Trade Organizations

ASEAN Plus 3

Forum as a coordinator of cooperation between ASEAN and China, Japan and South Korea.

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Asia Cooperation Dialogue (ACD)

The Asia Cooperation Dialogue (ACD) is an International Organization to promote Asian cooperation at a continental level, helping to integrate the previously separate regional organizations of political or economical cooperation such as ASEAN, SAARC

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Association of Southeast Asian Nations (ASEAN)

Association of Southeast Asian Nations, commonly referred to as ASEAN, is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Its aims include the acceleration of economic growth, social progress, cultural development among its members, and the promotion of regional peace.

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Ayeywady-Chao Phraya-Mekong Economic Strategy

The Ayeywady-Chao Phraya-Mekong Economic Strategy (ACMECS)was formed as a political, economic and cultural organization. The ACMECS places an emphasis on using self help and partnership to achieve sustainable development, including poverrty reduction, in line with the UN Millennium Development Goals.

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Bay of Bengal Iniative for MultiSectoral Technical and Economic Cooperation (BIMSTEC)

The Bay of Bengal Initiative for MultiSectoral Technical and Economic Cooperation (BIMSTEC) is an international organisation involving a group of countries in South Asia and South East Asia. The member nations of this group are: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal.

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Centre on Intergrated Rural Development for Asia and the Pacific (CIRDAP)

The Centre for Integrated Rural Development for Asia and the Pacific (CIRDAP) is a regional intergovernmental and autonomus organization

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East Asia Summit (EAS)

The East Asia Summit (EAS) is a Pan-Asia forum of 16 countries in East Asia, with ASEAN in a leadership position.

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