The country is one of the poorest countries in Southeast Asia due to decades of stagnation, mismanagement, isolation and shortages of skilled labor trained in modern technology. The country lacks sufficient infrastructure, with goods mainly crossing the Thai border and along the Irrawaddy River. Railways are old and shredded, highways are not consolidated, and energy scarcity is common (only 25 percent of the country`s population has electricity). Free trade agreements are treaties that facilitate trade and investment between two or more economies. As ASEAN member countries, Singapore and Myanmar are part of the ASEAN Free Trade Area. Find out how to benefit from tariff reductions with Myanmar. Myanmar has been under military control since a coup in 1962, but since 2011, military control has been increasingly eased. This has allowed the country to quickly improve the country`s external relations, especially with the United States (United States), Japan and the European Union (EU). As a result, trade and other sanctions imposed by the US and the EU against Myanmar have been eased, hindering the path to the continuation of the dynamic economy in Southeast Asia. Myanmar produces gemstones like rubies, sapphires, pearls and jade. Myanmar also has huge reserves of natural gas and oil, which has attracted the attention of energy-consuming giants such as China, India and the United States.
Other sectors include agricultural goods, textiles, wood products, building materials and metals. DTAS aims to alleviate the double taxation of income received in one jurisdiction by a resident in another jurisdiction. The main objective of the agreement is to create a framework for greater flows of trade, investment, technical know-how and expertise between Singapore and Myanmar, thereby strengthening bilateral economic relations for the benefit of both countries. Myanmar`s imports include substances, petroleum products, fertilizers, plastics, machinery, transportation, cement, building materials, crude oil, food and edible oil. Exports include natural gas, wood products, pulses, beans, fish, rice, clothing and precious stones. Myanmar, also known as Burma, is a sovereign state in Southeast Asia bordering China, Thailand, India, Laos and Bangladesh. One-third of Myanmar`s total circumference of 1,930 kilometers forms a continuous coastline along the Bay of Bengal and the Andaman Sea.