Crisis-hit Myanmar urges US to lift sanctions and slash new tariff rates
The State Administration Council Chairman Senior General Min Aung Hlaing said the country has faced numerous challenges from health pandemics to natural disasters that inflicted tremendous suffering for the people since 2020, reported the state media The Global New Light of Myanmar today.
According to the statement, he has proposed reducing current US tariff rates on Myanmar's exports to a range of 10 to 20 per cent, while reciprocally applying tariffs of zero to 10 per cent on US exports to Myanmar.
His proposal comes after US President Donald Trump's administration imposed a 40 per cent tariff on Myanmar this week, reportedly the highest among ASEAN countries.
Neighbouring Laos, another least developed country, faced a 40 per cent US trade tariff.
Myanmar's key exports to the US include clothing, seafood, and leather goods-sectors that are vital for employment across the country's population of 55 million.
It has been grappling with severe economic challenges over the past five years, beginning with the Covid-19 pandemic and further compounded by the military coup in February 2021, which ousted the democratically elected civilian government.
The US launched new sanctions against Myanmar following the military takeover, which replaced the democratically elected civilian government, further isolating the Southeast Asian nation.
In addition, natural calamities such as Cyclone Mocha in May 2023, Typhoon Yagi in September last year and the powerful 7.7-magnitude Mandalay earthquake in March dented the nation's economic recovery.
The new tariff structure announced by the US is expected to further strain Myanmar's internal problems, as it prepares for a general election later this year.
Min Aung Hlaing said his government is ready to send a high-level negotiation team to Washington to discuss the tariff issue.
"He (Min Aung Hlaing) respectfully requests the President (Trump) to reconsider easing and lifting the economic sanctions imposed on Myanmar, as they hinder the shared interests and prosperity of both countries and their peoples,' said the statement.
According to the World Bank, about three million people have been displaced since the coup. - Bernama
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