The mechanism is being established to deal with the complexities of business development, taxes, trade, and infrastructure investments that will arise with the development of China’s BRI, U Maung Maung Win told a briefing at the Pyidaungsu Hluttaw (Assembly of the Union) on Wednesday.
Thirty-four countries, including Cambodia, Indonesia and Bangladesh, have signed memorandums of understanding as founders of the mechanism, and 16 countries, including Singapore, and six organisations have signed on as observers. Myanmar has agreed in principal to participate as an observer and will submit the plan to the assembly for approval, said U Maung Maung Win.
“Participating in BRITACOM as an observer will strengthen relations between Myanmar and China, as it is part of the long-term implementation of the economic community that will result from the Belt and Road Initiative. Participating in tax management talks with other countries in the project will also enhance our country’s tax management skills,” he said.
The MoU between Myanmar and China is a part of the 21st Century Maritime Silk Road, which includes the establishment of the China-Myanmar Economic Corridor, he added.
Including Myanmar, 125 countries and 29 international organisations have signed the agreement to cooperate in the Economic Community and BRI led by China. State Counsellor Daw Aung San Suu Kyi is leading Myanmar’s working committee for implementation of the project.