Myanma Timber Enterprise now off US sanctions list

The Myanma Timber Enterprise (MTE) is now off the US Specially Designated Nationals List (SDN), a list which restricts US companies from doing business with certain foreign individuals or entities.

The move comes as a welcome surprise as the MTE and US-based International Wood Products Association (IWPA) have worked to have these trade restrictions removed since 2013. Before, the Office of Foreign Assets Control (OFAC) of the US Treasury Department has only offered a General License by way of an annual waiver. Only IWPA members can benefit from the import license.

While the decision now allows all USA companies to trade with MTE, it comes at a time when timber exports are set to fall due to logging restrictions in Myanmar.

 

Source: ITTO