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Submitted by admin on 18 December 2020

U THAUNG TUN, Union Minister for Investment and Foreign Economic Relations virtually met yesterday with heads of mission from EU member states headed by Mr Ranieri Sabatucci, Ambassador of the European Union to Myanmar. They exchanged views on the recently signed Regional Comprehensive Economic Partnership (RCEP) and implications for Myanmar-Europe relations.

Describing the RCEP as an “unprecedented mega-regional trading arrangement comprised of a diverse mix of developed, developing, and least-developed economies throughout the region”, the Minister provided an in-depth briefing on the RCEP to those on the call. In doing so, the Minister outlined several of the benefits expected to flow to Myanmar as a result of signing the RCEP and stated that the Agreement has laid a foundation for deeper cooperation among member countries going forward.

The Minister also noted how newly harmonized Rules of Origin would help European businesses present in Myanmar and the region by allowing companies to ship their products across the region more efficiently while avoiding different Rule of Origin criteria at each step in the manufacturing process in each country crossed.

While highlighting how the RCEP is expected to hasten the shift in global economic activity toward Asia already underway, the Minister also noted that it would be important for the region to continue to welcome Europe’s voice.

“…it is important that the region continues to welcome Europe’s voice. And I believe the region welcomes this voice – and is in agreement that both Europe and RCEP members stand to benefit when regional cooperation remains open and rules-based.”

In light of Myanmar’s recent commitments to reduce the country’s carbon emissions, both the Minister and Ambassador Sabatucci were in firm agreement regarding new opportunities for growth made possible via the new European Green Deal, with views exchanged on emerging opportunities for more transparent, responsible investment in wind, hydro, and solar energy projects amongst others.

Ambassador Sabatucci restated the EU’s willingness to deepen partnerships in areas including good governance, human resources development, environmental conservation, and climate change mitigation in addition to continued support for expanding trade and investment ties.

The Minister went on to answer questions fielded by Mr Christian Lechervy, Ambassador of France to Myanmar, Mr Thomas Neisinger, Ambassador of Germany to Myanmar, Ms Alessandra Schiavo, the Ambassador of Italy to Myanmar, Ms Beatriz Lorenzo, the Chargé d’Affairs, Embassy of Spain, and Ms Frida Zaric, the Minister Counsellor, Embassy of Sweden.

The Minister closed the event expressing an eagerness to continuing to engage with the European Union “…as a development partner, as a source of responsible investment, and as a committed friend.”


Photo MNA

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