Ross Taylor, counsel in Tilleke & Gibbins’ corporate and commercial practice, was recently quoted by the Myanmar Times in an article on draft trade legislation currently under consideration. With insights gleaned from extensive experience facilitating trading businesses in Myanmar—as well as his current position on the board of the British Chamber of Commerce—Ross is well positioned to comment on the bill and what practical effects it would have.
In keeping with his comments, the article takes a largely cautionary tone on the proposed legislation. Essentially, if the draft law were to be enacted, it would introduce a new layer of bureaucratic regulation across a wide swath of industries and business sectors. Under the proposed regime, the government would be able to set price controls based on loosely defined criteria; the law would also establish a development-focused body to determine restrictions on certain items, issue other regulations, and form new committees and subcommittees on related issues. Another major element of the bill is a requirement that trading businesses in Myanmar obtain a trade registration certificate to operate in the country.
Ross, who has commented elsewhere in support of Myanmar’s substantial and relatively fast-paced legislative reforms and their positive effects on doing business in the country, noted that this particular draft law is “opposed to the direction of recent government thinking and all recent government legislation, which has had the effect of a general and welcome liberalisation in trade and services.” He explained to the newspaper that the permitting requirements are especially concerning, as businesses already have to comply with industry-specific registration requirements.
To read the full article, please visit the Myanmar Times website.