Myanmar exempts goods exported to ASEAN from custom duties

Myanmar has exempted from custom duties goods meeting origin criteria that are exported to member countries of the Association of Southeast Asian Nations (ASEAN), state media reported Friday.

"If the goods, included in the product specific rule list, meet the origin criteria of receptive items while exporting to ASEAN member countries, the goods will be given exemption from custom duties as the products of origin countries," said the New Light of Myanmar.

According to the Harmonized System (HS) with a five-year review drawn up by the World Customs Organization, HS 2007 will be replaced with HS 2012 worldwide, it said.

There are 2,652 items of goods listed as the origin criteria, the ministry of commerce revealed.

The move aims to enable Myanmar import-export entrepreneurs to boost trading with regional countries, the report added.

In the first eight months (April-November) of the fiscal year 2013-14, Myanmar's foreign trade totaled 15.54 billion U.S. dollars, of which the export amounted to 7.14 billion U.S. dollars, while the import stood 8.40 billion U.S. dollars, according to the Central Statistical Organization.

The export items include rice, maize, peas and beans, sesame, rubber, marine products, teak, hard wood, natural gas, jade, garment while import items include dairy products, palm oil, pharmaceutical products, cement, machinery, electronic equipment and plastics.

The trade volume of the whole fiscal year 2013-14 targeted over 25 billion U.S. dollars.