A Memorandum of Interaction between the Eurasian Economic Commission and the Government of the Republic of the Union of Myanmar was signed by Sergei Glazyev, EEC Minister in charge of Integration and Macroeconomics, and Kan Zaw, Minister of Investment and Foreign Economic Relations of Myanmar. The ceremony took place on June 15 on the sidelines of the St. Petersburg International Economic Forum.
The Memorandum envisages interaction in such areas as customs regulation, technical regulation, application of sanitary, veterinary-sanitary and phytosanitary quarantine measures, financial markets, transport, energy, agricultural sector and others. The Memorandum contemplates establishing a Working Group on Interaction as well as elaborating a joint action plan.
The document will promote mutually beneficial economic cooperation, as well as the extension and diversification of trade between the Eurasian Economic Union States and Myanmar.
Sergei Glazyev noted that the signing of the Memorandum was another step towards strengthening the Commission's contacts with the Southeast Asian nations.
"Based on the Memorandum, we will be able to address specific issues on removing barriers to trade, exchanging information, and perfecting cooperation mechanisms to create new projects and investments for the benefit of our nations", Sergei Glazyev said.
In turn, Kan Zaw thanked Sergei Glazyev for the joint work.
“After the signing, we should implement our obligations in practice, and we would very much like such cooperation to be efficient”, he said.
The solemn signing ceremony was also attended by Win Shein, Minister for Planning and Finance of the Republic of the Union of Myanmar, Than Tan Swe, Governor of the Central Bank of the Republic of the Union of Myanmar, Lwin Oo, Ambassador Extraordinary and Plenipotentiary of the Republic of the Union of Myanmar to the Russian Federation and representatives of the EAEU business community.
For reference
Myanmar expressed interest in cooperation with the EAEU Member States in 2021. Developing interaction with the country is in line with the Commission's objectives to strengthen cooperation with the ASEAN member countries. The Commission also cooperates with the ASEAN countries, such as Vietnam, with which it has a Free Trade Agreement, as well as Cambodia, Indonesia, Singapore and Thailand, with whose Governments the Commission has concluded memoranda.
