October 08, 2016

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BREAKING DOWN BARRIERS — US lifts economic sanctions on Myanmar

With lifting US sanction on it Myanmar will be able to increase its export.
With lifting US sanction on it Myanmar will be able to increase its export.

PRESIDENT Barack Obama has lifted sanctions on Myanmar by revoking the ban on trade benefits to the country, pledging to assist the civilian government led by Daw Aung San Suu Kyi in carrying on its efforts toward political reform and broad-based economic growth.
President Obama said in his official letter that “the situation that gave rise to the declaration of a national emergency in Executive Order 13047 of May 20, 1997 has been significantly altered by Myanmar’s substantial advances to promote democracy, including historic elections in November 2015 that resulted in the former opposition party, the National League for Democracy, winning a majority of seats in the national parliament and
the formation of a democratically elected, civilian-led government”.
Obama cited the democratic transition in the country, formerly known as Burma, from decades of military rule – including historic elections last November and the launch of a democratically elected government in March – the release of many political prisoners, as well as greater enjoyment of human rights.
The United States has now removed all individuals and entities from the US sanctions list and revoked the ban on imports into the United States of Myanmar-origin jadeite and rubies, according to the Treasury Department.
Asia World Company Limited (AWC) and its group of companies, one of the country’s largest conglomerates, welcomed the milestone announcement of the issuance of the Executive Order by President Obama.
The US’s move followed a meeting with State Counsellor Daw Aung San Suu Kyi at the White House on 14 September.
As Daw Aung San Suu Kyi arrived at the White House, Obama issued a statement saying he would reinstate Myanmar to the Generalised System of Preferences (GSP), which provides duty-free treatment for goods from poor and developing countries.
Myanmar will be able to export about 5,000 products to the United States duty-free thanks to the new designation under the GSP trade program, according to a US official.
The change, set to take effect in mid-November, will help the Myanmar government create jobs and reduce poverty in a country where per capita income is estimated at US$1,280, the official said.


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