As per information available, it has been revealed that the Myanmar Rice Federation has urged the new cabinet to hold bilateral negotiations on rice exports with EU countries. It has been stated that the representatives held talks with the ministers of agriculture and commerce on refreshing trade strategies which still see 90 per cent of rice exported overland, mainly to China. According to the report issued by the Ministry of Commerce that until March 25th in the 2015-16 fiscal year, the Myanmar earned more than US$511 million from exports of 1 million tonnes of rice and 360,000 tonnes of broken rice.
Further, in this matter, it has described that the Myanmar has secured an EU “generalized scheme of preferences” deal to export to the bloc. Moreover, according to the Ministry of Commerce, it has been stated that during the first nine months of the 2015-16 financial year the country’s trade with the EU countries exceeded US$500 million, with Myanmar earning more than US$256 million and the trade with the EU has been increasing annually.