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09.04.2024 (Обновлено: 12.04.2024 16:32)

EAEU and Myanmar develop trade and economic cooperation

Promising areas of cooperation between the Eurasian Economic Union States and the Republic of the Union of Myanmar were discussed by the attendees of the first meeting of the joint Working Group on interaction between the Eurasian Economic Commission and the Government of the Republic. The event cochaired by Sergei Glazyev, EEC Minister in charge of Integration and Macroeconomics, and Kan Zaw, Minister for Investment and Foreign Economic Relations of Myanmar, was held on April 9 in Nay Pyi Taw.

Sergei Glazyev noted the positive trend in trade and economic cooperation between the EAEU countries and Myanmar and emphasized the importance of intensifying Myanmar's dialogue with each of the Union countries.

"The key direction should be work with the markets of all the EAEU countries, which are not yet fully included in the system of trade and economic cooperation with Myanmar. We should more actively involve the business community in our joint work and work on eliminating bottlenecks," Sergei Glazyev stated.
In turn, Kan Zaw noted the need to share experience in regional economic cooperation between the EAEU countries and Myanmar and expressed appreciation for the parties' work on implementing the Memorandum of Interaction, signed in June 2023.

The parties discussed prospects for cooperation in the manufacturing industry and the agricultural sector, finance, transport and logistics, energy, digitalization, economic aspects of interaction in tourism, and cooperation through business circles. The speakers were representatives of the EEC relevant departments and agencies of Myanmar, and representatives of the business community, including the EAEU Business Council.
"I am confident that we will improve trade and economic opportunities through business contacts. Myanmar has an advantageous geographical position – it neighbors with economically powerful countries such as India and China, it is located as a bridge connecting Southeast Asia and the Eurasian market. We would also like to offer the EAEU countries' businessmen to exploit this advantage," Kan Zaw noted.
Summing up the meeting, Sergei Glazyev noted that establishing direct large-scale and continuous cooperation through business circles will make it possible to intensify trade and economic interaction between Myanmar and the Union States. The EEC Minister invited Myanmar business and government officials to take part in the EAEU – ASEAN business dialogue planned within the St. Petersburg International Economic Forum.

Besides, Sergei Glazyev invited the business community to consider the possibility of developing cooperation in construction, transport links, and creating conditions for settlements in national currencies of the EAEU States and Myanmar. At the proposal of the business community, these and other issues will be considered as key ones by the Working Group of the EEC and the Government of Myanmar. He also supported the businesses' idea of establishing trading houses, which would increase the delivery of goods.

The meeting of the joint Working Group was preceded by the EAEU –Myanmar Economic Seminar, during which Sergei Glazyev addressed Myanmar's official, business and expert circles with an extended presentation of the Eurasian integration project focusing on the EAEU formation as one of the economic centers of the Greater Eurasia.

Furthermore, Sergei Glazyev held working meetings with members of the Government of Myanmar: Deputy Prime Ministers – Than Swe, Minister of Foreign Affairs; Mya Tun Oo, Minister for Transport and Communications; Win Shein, Minister for Planning and Finance; as well as Kan Zaw, Minister for Investment and Foreign Economic Relations; Min Naung, Minister for Agriculture, Livestock and Irrigation; and Thet Thet Khine, Minister for Hotels and Tourism. During the meetings, the parties discussed promising areas of cooperation between the EAEU countries and Myanmar on a wide range of economic agenda.

Besides, the EEC delegation had a working meeting with U Aye Win, Chairman of the Union of Chambers of Commerce and Industry of Myanmar. The partners noted their interest in establishing systematic interaction with the EAEU Business Council and its members, as well as in maintaining regular working contacts.