August 22, 2016

Talks held by Ministry of Commerce over exportation of gold

The Ministry of Commerce has made it known talks are being held with government departments concerned in allowing gold and some gemstones to be exported to foreign countries.
The ministry reportedly released a statement on August 16 which revealed five of the 12 types of goods which are now permitted to be exported to foreign countries.
“For now, the primarily focus of the current talks is gold and diamonds. The first phase of dialogue is over. The body, which has been formed of associations and government ministries, will continue to discuss the procurement of export permits,” said U Khin Maung Lwin, assistant secretary of the Ministry of Commerce.
A number of stakeholders including the Myanmar Gold Entrepreneurs Association, Myanmar Gems and Jewelry Entrepreneurs Association, Myanmar Federation of Mining Association are reportedly working together with the Ministry of Mines and Ministry of Commerce on an initiative to import gold and gemstones into Myanmar from foreign countries, produce finished products domestically, before then exporting them back to international markets.
Sesame oil, mustard seeds and oil, together with sunflower seeds and oil are the first five types of goods exempt from the foreign export ban.
The list of products banned from export to foreign countries has reportedly been amended based on the current requirements of the domestic market, while restrictions are still in place on the export of items such as ivory, endangered animals, un-refined crude oil, gun powder and items of antiquity.— Myitmakha News Agency


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