Obama pledges to lift economic sanctions against Myanmar

President Barack Obama.
(Image credit: Scott Olson/Getty Images)

During a visit Wednesday with Myanmar's leader Daw Aung San Suu Kyi, President Obama announced he would "soon" be lifting economic sanctions imposed against the country decades ago. "Recognizing the progress toward democratic transition that Myanmar has achieved, including through the election of a civilian-led government, and in an effort to support inclusive economic growth, the United States will terminate the National Emergency with respect to Myanmar and will revoke the Executive Order-based framework of the Burma sanctions program," the White House said in a statement.

Sanctions were originally imposed because of human rights violations committed under Myanmar's military rule, and were intended to "isolate Myanmar's former military junta," NPR reported. With sanctions lifted, Myanmar will once again be exempted from high import taxes, a benefit offered to poorer countries. However, BBC reported, sanctions will remain in place against a "'blacklist' of at least 100 companies and individuals with links to the former military junta, as well as trade in jade and rubies."

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