MT News
Trade Department is carrying out the import permission system guaranteed by export earning in Thailand-Myanmar border trade for international traders as of today due to the action being taken by Financial Action Task Force (FATF).
“Goods are not allowed to import on any occasion although we hold USD and Baht. If we want to import goods, we will have to export something from local. This system will give benefit to exporters, but importers will face difficulty. On the other hand, the illegal smugglings from gates of armed groups will penetrate with momentum. It is sure that the prices of goods from Thailand will be jumped,” a small enterprise businessman, who imported products from Thailand, told the MT news agency.
According to the statement released by Trade Department under the Ministry of Commerce, the importing of goods from border trade will be allowed to carry out through banking system to strengthen the measures and abiding over the reports of FATF and to be systematic payment using banking system in performing the import/export businesses in border trade.
The Trade Department will allow the export earnings and other incomes including remittance of Myanmar citizens abroad for import permission of goods. The importers will have to make payment for their import goods using the earning and income through related banks. At the initial stage, the system will be effect in Myanmar-Thailand border trade.
In applying the import permission license for the goods, companies will submit the credit advice and bank statement to the Trade Department. The Trade Department will issue the import permission license not beyond the bank account balance by securitizing the export earnings (or) other income which was submitted by import companies.
For importing of goods which do not need to apply for import permission license, companies have to submit the credit advice issued by related banks to guarantee the export earnings (or) other income in opening the Import Declaration-ID and bank statement to the Customs Department.
The plan which allows the import permission based on the export earnings and the inflow of other income will be effect on 1 November 2022. The applications for import permission license which was applied until 31 October 2022 are not valid.
