December 20
IN the orchestration of a market-driven economic system within any nation, key stakeholders, including the government, business entities, and consumers, play pivotal roles. The government, in particular, assumes the responsibility of eradicating illegal trade practices, aiming to augment the state’s revenue, safeguard tax and revenue streams, and ensure the safety of commodities free from potential hazards for the populace.
Globally, governments are placing considerable emphasis on combating illegal trade, recognizing its potential to disrupt macroeconomic stability. A case in point is Myanmar, where efforts are underway to bolster the production of value-added goods for increased export, coupled with systematic measures against the illegal importation of goods. Relevant departments are poised to adjust tariffs, adhere to international procedures, and fortify domestic industries for sustained longevity.
The ramifications of illegal trade are far-reaching, ranging from fiscal losses and erroneous trade data to destabilizing the banking system and the nation’s monetary circulation. Illegally imported goods not only hinder market competition for domestic products but also precipitate a reduction in foreign investment, loss of employment opportunities, and pose risks to public health through the use of illicit medicines, counterfeit foodstuffs, and cosmetics, as well as the consumption of expired products. This, in turn, undermines the crucial roles of manufacturing and trade in propelling the state’s economy.
TO streamline processes for legitimate business activities, the government has instituted online platforms such as the MyCO system for company establishment, Myanmar Trade Net 2.0 for export and import registration, MACCS system for declaration filing, and the Online Matching system for domestic and international monetary transfers. These initiatives aim to minimize illegal trade by fostering efficient online interactions among relevant departments, with the ongoing introduction of the national single windows system further advancing legal trade measures and suppressing illicit trade activities.
Ensuring the success of these endeavours requires heightened awareness among businesspersons regarding systematic trade management under the law. By doing so, legal trade can flourish progressively with the prospect of competing with imported goods in the domestic market. In contrast, illegal trade is successfully rooted out for the collective benefit of the populace.
Furthermore, government departments should actively seek valuable suggestions from businesses and organizations to continually refine and enhance the legal trade process. In this collaborative effort, a seamless and thriving legal trade environment can be fostered to boost the State economy, effectively sidelining illicit practices.
