€8 million funding for trade initiatives

The European Union (EU) will provide assistance of up to 8 million euros over four years for the implementation of ARISE Plus Myanmar initiatives that will help the country integrate better with Asean economies in line with the Asean Economic Community Blueprint 2025.

A financing agreement was recently signed with officials from the EU, the Ministry of Commerce and the Geneva-based International Trade Centre (ITC), the implementing agency for the initiatives, in attendance. The ITC together with the World Trade Organisation (WTO) has a joint mandate to promote global trade and also directly contributes to 10 of the Sustainable Development Goals.

“I would like to express our sincere gratitude to the EU for this grant support to promote inclusive and sustainable growth in Myanmar. It shows the strong commitment between the EU and Myanmar to move towards the sustainable development goals,” Ministry of Commerce director general for trade U Min Min said in a statement.

“We’re very honoured to support Myanmar through the ARISE Plus Myanmar project to further diversify its trade and enhance its integration, regionally and internationally. The EU remains committed to assisting Myanmar in achieving these important objectives,” the EU delegation to Myanmar’s head of cooperation Johann Hesse said.

The financing will help support micro-, small and medium enterprises explore business opportunities in Asean, the EU and global markets.

Other initiatives under this funding include helping to formulate trade policy and assist the country in meeting Asean and WTO commitments while addressing non-tariff barriers through the value-chain.

The Arise Plus Myanmar initiatives aims to contribute to equitable and inclusive growth as well as job creation in export-oriented industries in line with the government’s plans to diversify the economy and have more value-added activities that can result in more opportunities for women and better paying jobs.

The initiatives also aim to increase transparency in trade rules and address barriers women-led businesses face when integrating with export value-chains and support advocacy efforts of business associations, especially from women entrepreneurs.

Source: Myanmar Times

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