Submitted by ttwin on Sun, 07/16/2017 - 17:46
The Myanmar Rice Federation (MRF) is working to push the government to prioritise making sure bilateral rice trade with China is unaffected by the freezing of Burmese traders' bank accounts.
The MRF’s chairman sent a letter to the Chinese ambassador and its general secretary met the Chinese economic attaché to discuss the matter.
The federation said it was asking the government to investigate the situation to prevent it happening again.
State-run TV reported that among the 349 bank accounts frozen by China in a bid to clamp down on smuggling and illegal gambling, there were 132 bank accounts owned by citizens of Myanmar.
Annual bilateral trade is around US$10 billion, according to the Ministry of Commerce.
The ministry said the country’s total foreign trade was around US$30 billion.
Normally Chinese banks can unlock a bank account within six months if it is frozen. However, some can be blocked for years. Muse accounted for about 70 per cent of total border trade and the government should prevent financial loss for its traders, business representatives said.
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