Long-standing trade sanctions against Myanmar are to be lifted, US President Barack Obama has said.
Myanmar’s access to trade benefits was suspended in 1989 over human rights abuses. President Obama said the country should now be allowed to benefit from preferential tariffs as it emerges from decades of military rule. Though many companies will now enjoy lower tariffs, there are some restrictions that will remain in place. These include a list of sanctioned companies and individuals with links to the former military junta, as well as trade in jade and rubies.
President Obama said the lifting of some sanctions would happen “soon”, but did not give further details. “It is the right thing to do to ensure the people of Burma see rewards from a new way of doing business, and a new government,” he said. He also paid tribute to the efforts made towards peace in the country, and the “enormous potential” of the country.
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