UMFCCI, affiliated associations discuss trade facilitation, price stability

The Union of Myanmar Federation of Chambers of Commerce (UMFCCI) met with its affiliated associations on 4 August at the UMFCCI headquarters regarding the price stability of the commodity and smooth freight flow in the country.
Yangon Region Minister for Commerce U Aung Than Oo, officials from the Consumer Affairs Department and UMFCCI, Dr Ngwe San, a member of Yangon City Development Committee and UMFCCI’s secretary-general U Aye Win and chairpersons of the affiliated associations attended the meeting.
First of all, U Aung Than Oo gave a remark that all the stakeholders are needed to control the pandemic-induced price hike in the commercial hub Yangon, ensure the supply chain in the difficult time and maintain the market equilibrium for the staple food including rice, pulses, eggs, vegetables and meat. The related department has also relaxed the import licence or cut tax on the imported fuel oil, edible oil and pharmaceuticals and medical device via maritime trade, air carrier and border posts. This move aims to control the exorbitant price and lessen the concerns of the people during the pandemic. The wholesalers and retailers are also encouraged to sell the products with a reasonable profit. Those who store large stockpiles and attempt to make price gouging on food commodities, pharmaceuticals and medical devices will face legal actions under special goods tax law.
He also urged the officials of the YCDC’s markets department, Special the Consumer Affairs Department and Myanmar Inspection and Testing Services Ltd (MITS), a recognized agency by the Ministry of Commerce to inspect the price hike causes. Yangon Region government also tackles the real-time problem that companies and traders are facing. The regional minister encouraged them to look forward to the benefits of the consumers rather than self-interest.
Afterwards, officials of Myanmar Edible Oil Millers Association, Myanmar Rice Federation, Myanmar Livestock Federation, Myanmar Chamber of Pharmaceutical and Medical Device, Rice wholesale centres (Wahdan and Bayintnaung) and Yangon Region Chamber of Commerce engaged in the price commodity and trade facilitation matters. ​
Then, the regional minister U Aung Than Oo made the ending remark and instructed the needs. —San Kyaw Oo (IPRD)/GNLM