May Thet Hnin
Myanmar signed a memorandum of understanding to export 300,000 tons of rice to Bangladesh under a proposed government-to-government deal, yesterday.
Union Minister Dr Than Myint for the Commerce Ministry of Myanmar and Bangladesh Minister of Food Qamrul Islam signed the MoU at the Hotel Hilton in Nay Pyi Taw.
Under the proposed deal, Bangladesh would purchase 250,000 tons of Myanmar white rice and 50,000 tons of Myanmar parboiled rice, annually, from 2017-2022, said U Ye Min Aung the secretary of Myanmar Rice Federation (MRF).
“This is first time that the current government signed a rice trade agreement under G to G system,” said Dr Soe Tun, the vice chairperson of MRF. “We want the government to continue exerting efforts to have rice trade under G to G agreement with other countries.”
Such government to government transactions help build government revenue and foreign exchange.
Myanmar plans to export 2 million tons of rice this fiscal year and has shipped 1.2 million tons so far.
Sixty per cent of Myanmar’s rice export goes to China. Myanmar exports rice to 44 foreign markets of countries in Africa, Asia and Europe, including Spain, Germany, Japan, Malaysia, Poland, Portugal, Romania, Singapore and Bangladesh.
If the Bangladesh deal is successful it would be Myanmar’s only government to government rice deal.