Current Affairs
Hindi
Share

US to Lift Myanmar Sanctions

President Barack Obama said on Wednesday that the US is lifting economic sanctions and restoring trade benefits to former pariah state Myanmar as he met with Aung San Suu Kyi, a former political prisoner who is now the nation's de facto leader.
•    The US has eased broad economic sanctions since political reforms began five years ago but has retained more targeted restrictions on military-owned companies and dozens of officials and associates of the former ruling junta. 
•    US companies and banks have remained leery of involvement in one of Asia's last untapped markets.
•    Suu Kyi concurred it was time to remove all the sanctions that she said had hurt the country economically as it was now in a position to open up to investment. 
•    She said she wants Americans to come to the country and "to make profits."
•    The change in policy will not remove all economic sanctions. 
•    Penalties intended to block the drug trade and to bar military trade with North Korea would still apply, as would a visa ban barring some former and current members of the military from traveling to the US.

Read More
Read Less