Reposted from Mizzima News
Myanmar is on course for a big jump in textile exports to Europe following the return of trade privileges by the European Union (EU), according to the Thailand Textile Institute.
The lifting of the ban on Myanmar under the EU’s Generalised System of Preferences (GSP) would rapidly drive up Myanmar’s exports of textiles, it said. The institute did not predict the size of the increase, but said it would be significant.
Myanmar’s textile exports rose 18% last year over 2011, totalling US$946 million (27 billion baht).
The EU reinstated trade benefits to Myanmar on April 22 in the wake of democratic reforms after years under the rule of a military junta. Garments are a key industrial sector of the country. Myanmar was struck off the GSP list in 2003 to a protest against the country’s dictatorship. More…
