Myanmar gets 58% of GDP growth from services trade

Myanmar receives 58 per cent of GDP growth from services trade and ranks four in ASEAN countries after Singapore, Thailand and the Philippines, said Union Minister for Commerce Dr Pwint San based on the statement of ASEAN released in 2019 during the ceremony of launching Beta Version of Services Trade and Investment Portal-STIP held in Nay Pyi Taw yesterday.
The Union minister said the services trade is a promising sector and it should emphasize the investment in services to develop this sector. Myanmar is also cooperating with departments concerned to conduct services trade measures.
The STIP Web Portal is a website that offers the laws, rules and regulations of services trade just in one place and the laws, rules and regulations are also enacted as per the commitments of FTAs. It also brings benefits in implementing the ACE 2025 and supports the services trade of the country.
Further awareness campaigns for the Beta Version of STIP will be conducted for private entrepreneurs across the nation.
The services trade plays a crucial role in Myanmar and the country fully imports the proper services to encourage that sector. —Htun Htun / GNLM