Myanmar New Zealand Trade Agreement

Myanmar and New Zealand Trade Agreement: A Boost for Bilateral Trade Relations

Myanmar, a South-East Asian nation, is witnessing a surge in foreign investment and trade opportunities after the country`s transition to a civilian government in 2011. On the other hand, New Zealand is a small, but diverse and stable economy, which places a significant emphasis on international trade. The two nations` economies are complementary, with Myanmar having an abundance of natural resources, and New Zealand possessing advanced technology and expertise in agriculture and forestry.

To leverage these strengths and to foster closer economic ties, Myanmar and New Zealand signed a free trade agreement (FTA) in 2017. The agreement, which came into effect in October 2018, aims to expand the two-way trade of goods and services, increase investment, and promote economic growth and development in both countries.

The FTA provides a platform for New Zealand businesses to gain greater access to Myanmar`s emerging market and tap into the country`s significant natural resources. Myanmar, on the other hand, can benefit from New Zealand`s expertise in agriculture and forestry, education, and renewable energy.

The FTA also lays down the framework for the reduction or elimination of tariffs on goods and services traded between the two countries. This means that Myanmar exporters can benefit from preferential access to the New Zealand market, which is known for its strong demand for premium goods. Similarly, New Zealand producers and exporters can gain access to the emerging Myanmar market and its population of over 50 million.

Moreover, the FTA includes provisions for the protection of intellectual property, labor and environmental standards, and dispute settlement mechanisms. These safeguards assure that both New Zealand and Myanmar businesses operate in a fair and transparent manner, with due regard for social and environmental responsibility.

The signing of the Myanmar-New Zealand FTA has been hailed as a significant milestone for the two nations, and a testament to their commitment to free trade and sustainable development. Both countries have expressed the hope that the agreement will lead to increased investment and business opportunities and help promote economic growth and development.

In conclusion, the Myanmar-New Zealand FTA is a positive development for the two nations, and a significant step towards greater economic integration of the Asia-Pacific region. The agreement provides a framework for closer cooperation, mutual prosperity, and sustainable development, and has the potential to open up new avenues for trade and investment in the years to come.