U.S. restores Myanmar’s Generalized System of Preferences, excluding textile products

According to Myanmar’s “Golden Phoenix News” on October 10: U Myint Soe, Chairman of the Myanmar Textile Industry Association, said that the United States’ restoration of the Generalized System of Preferences (GSP) for trade with Myanmar does not include textile products, so it will have an impact on Myanmar’s textile industry. Not big, and the export volume will not increase significantly. According to reports, in the Generalized System of Trade Preferences that will be restored in November, more than 5,000 Myanmar products will be eligible for export tax exemptions, but textile products will not be included. Therefore, Myanmar textile products cannot use the Generalized System of Preferences to increase exports to the United States like exports to the EU. . It is reported that after U.S. President Obama proposed to restore the Generalized System of Preferences to Myanmar in September this year, domestic and foreign countries were generally optimistic about the Myanmar textile industry market. Therefore, the Myanmar Textile Industry Association also predicted that Myanmar’s textile products export earnings in 2016 are expected to reach 2.1 billion US dollars. The U.S.’s restoration of Myanmar’s Generalized System of Preferences does not include textile products