The Barter Transaction Agreement ("BTA") was introduced by the Department of Trade under the Ministry of Commerce on 28 May 2024. The BTA seeks to facilitate the exchange of goods of equal value between countries without the use of foreign currency. Companies participating in the BTA must submit specific forms and supporting documents to the Central Bank of Myanmar to get exemptions from foreign currency repatriation and payment requirements.
Additionally, Myanmar and China have signed a Memorandum of Understanding ("MOU") to implement a barter system, primarily through the border trade zone in Muse. The MOU involves trading Myanmar agricultural products for Chinese construction materials, farm implements, and fertilisers. This arrangement aims to boost bilateral trade and reduce dependency on foreign currency transactions, which have become increasingly challenging for Myanmar businesses.
