Following a meeting between EU Trade Commissioner Karel de Gucht and Myanmar’s Minister for National Planning and Economic Development DrKan Zaw, the EU and Myanmar have reached an agreement, the EU-Myanmar Investment Protection Agreement, which will protect the investments of both Myanmar and European businesspeople.
The Agreement guarantees EU investors in Myanmar – protection against matters such as discrimination, expropriation without compensation, unfair treatment and will allow for the transfer of capital.
The agreement is seen by the EU as key to helping maintain the influx of foreign investment in Myanmar, as it will ensure the confidence of EU businesspeople in investing in Myanmar. In 2013, bilateral trade between the EU and Myanmar reached €569 million (US$ 785 million), an increase of 41 percent from 2012.
The EU formerly dropped all remaining economic sanctions against Myanmar in July 2013 and has taken a number of measures to make it an attractive market for EU investors.