U.S., Myanmar Sign Trade Investment Agreement
The U.S. and Myanmar (Burma) signed a Trade and Investment Framework Agreement May 21, which includes commitments from both countries to improve worker rights and promote development, the U.S. Trade Representative’s office said. The agreement is a stage for ongoing dialogue and cooperation on trade and investment issues, as well as Myanmar’s ongoing reforms. “Economic reforms and trade are mutually supportive,” Acting USTR Demetrios Marantis said in a statement. “Stronger institutions, transparency, and rule of law create stronger foundations for commercial transactions, trade and investment.”
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The May 21 agreement “recognizes the importance of respecting, promoting, and realizing in each Party’s laws and practices the fundamental labor rights as enumerated by the International Labor Organization,” the USTR said. Myanmar President Thein Sein visited with President Obama on May 20, the first time a head of state from the country has visited the U.S. in decades (here). Marantis signed the agreement with Myanmar’s Deputy Commerce Minister, Pwint San.
“Myanmar’s substantial reforms under President Thein Sein’s leadership have forged a path forward for the United States government to ease trade and investment restrictions, giving American businesses an enormous opportunity to engage Myanmar’s growing consumer market,” said Chamber of Commerce Vice President for Asia Tami Overby, at a May 20 Chamber-sponsored dinner for Sein (here). “For their part, U.S. companies can provide the training, human resource development, respect for the environment, respect for the rule of law, and the highest standards of governance and transparency -- all of which the Myanmar government and private sector have repeatedly requested.”