Ministry of Commerce called for the precautions to mitigate the impact on trade of the pandemic in 2020 – 2021 financial year

Even though the country’s trade seems to be mildly impacted by the COVID-19 last fiscal year, the Union Minister of the Ministry of Commerce has called for precautions to mitigate the impact of the pandemic in the 2020-2021 Fiscal Year as there are more possibilities of the impact. 

“We can assume that there was a mild impact on the trade by the COVID-19, but we need to prepare for 2020-2021 because there are possibilities,” Dr. Than Myint, the Union Minister for the Commerce, said during the Cooperation Meeting held online on October 29. 

The country needs to develop and employ measures to improve trade in the post-COVID time, he said. Meanwhile, the ministry is implementing all the parts of the COVID-19 Economic Relief Plan and has employed a fully online system to issue export/import licenses while easing license fees. Moreover, Myanmar TradeNet2.0 is also going to commence soon. 

“In addition to the trade relation tasks, the ministry is also participating in the task of developing special economic zones and private sector development,” he said. 

In the 2015-2016 Fiscal Year, the country saw a $5.5 billion trade deficit where the deficit dropped to $1.5 billion in the 2019-2020 Fiscal Year. 

(Myanmar Business Today: https://mmbiztoday.com/minister-of-commerce-calls-for-precautions-to-mitigate-impact-on-trade/ )

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