The Myanmar Free Trade Agreement (FTA) was signed on October 19, 2021, between the Southeast Asian country and the Eurasian Economic Union (EAEU), a regional trade bloc comprising Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia.
The FTA aims to promote the economic development of Myanmar by increasing trade, investment, and cooperation with the EAEU member states. Under the agreement, tariffs on a wide range of goods, including agricultural products, industrial goods, and textiles, will be gradually reduced or eliminated, making them more affordable to consumers and businesses.
The FTA also provides for the protection of intellectual property rights, the reduction of non-tariff barriers to trade, and the establishment of a dispute settlement mechanism to resolve any trade-related issues that may arise.
The signing of the FTA is a significant milestone for Myanmar, which has been actively seeking to strengthen its economic ties with other countries. It is expected to boost the country`s exports and attract more foreign investment, creating new jobs and opportunities for its people.
However, the FTA is not without its challenges. Myanmar is still grappling with political and social instability, and the ongoing COVID-19 pandemic has also taken a toll on its economy. Moreover, the country faces tough competition from other countries in the region, such as Vietnam and Thailand, which also have FTAs with the EAEU.
Nevertheless, the Myanmar government is optimistic about the benefits of the FTA and is committed to fulfilling its obligations under the agreement. It has also expressed its desire to negotiate FTAs with other countries and regions, such as the European Union and the United States, in the future.
In conclusion, the Myanmar Free Trade Agreement with the EAEU is a positive step forward for the country`s economic development. However, it remains to be seen how effectively the agreement will be implemented and how much it will contribute to Myanmar`s long-term growth and prosperity.