Myanmar given preferential trade terms by EU

The European Union officially decided Wednesday to readmit Myanmar to its preferential trading system to help promote the country's economic development and reform.

Citing "the positive developments" in Myanmar, Irish Minister for Jobs, Enterprise and Innovation Richard Bruton said in a statement that "it is important that the EU supports this by facilitating economic growth and development opportunities." Ireland is currently holding the rotating EU presidency.

The EU is also aiming to form an investment agreement with the Asian economy rich in natural resources and low-cost labor.

Mynmar's access to the so-called Generalized System of Preferences Regime was withdrawn in 1997 due to systemic practices of forced labor.

In April this year, the EU said it would remove all sanctions against Myanmar, except the arms embargo, in light of democratic processes promoted in Myanmar.