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US eases economic sanctions on Myanmar US eases economic sanctions on Myanmar
(about 3 hours later)
The US has removed more of its economic sanctions on Myanmar, formerly known as Burma, following historic political reforms in the country. The US has lifted more of its economic sanctions on Myanmar to signal its support for ongoing political reform after decades of military rule.
Myanmar swore in its first democratically-elected government this year after decades of military rule. The US removed 10 state-owned companies in the banking, timber and mining industries from the blacklist.
The US has lifted restrictions on 10 state-owned companies in the banking, timber and mining industries. However, most restrictions on trade and investment with Myanmar's still-powerful army remained in place.
However, the overall effect will be limited given that many of Myanmar's biggest businessmen remain blacklisted. This year Myanmar, also known as Burma, swore in its first democratically-elected government in over 50 years.
More than 100 individuals are still on Washington's sanctions list, meaning US firms are barred from doing deals with them. Nobel Laureate Aung San Suu Kyi, who spent years under house arrest, won a landslide victory in what was considered a largely free and fair election in November. Although the constitution bars her from becoming president, she still wields considerable influence.
The country's powerful military retain significant stakes in many of Myanmar's businesses. Analysis - Jonah Fisher, BBC News, Myanmar
Nonetheless, the US said its latest move is aimed at improving trade flows with Myanmar and allowing more financial transactions to take place. There's no doubt that this nuanced easing of sanctions has been done with the approval of Aung San Suu Kyi.
But the Obama administration is also trying to maintain pressure on the government to continue with its democratic transition. Most of the restrictions that affect her new government directly have been lifted. So 10 state-owned companies and banks have been taken off the targeted sanctions list. It's also been made easier for Americans to live and work inside Myanmar.
US officials remain concerned about potential human rights abuses in the country, particularly against the minority Rohingya Muslims. But despite November's election and the smooth transfer of power that followed there's no reward here for the Burmese military. Army companies and dozens of individuals who've made millions from military contracts are still sanctioned. One of the so-called "cronies" has even had measures against him expanded.
'Significant step' US President Barack Obama was quick to visit Myanmar but at the urging of Ms Suu Kyi has been more cautious on the lifting of trade and travel restrictions.
The US first began loosening its sanctions on Myanmar in 2011. The US said its latest move is aimed at improving trade with Myanmar and allowing more financial transactions to take place.
The hope is that the gradual lifting of sanctions will make it easier for them to operate and do business in the South East Asian country. But the Obama administration is also trying to maintain pressure on the government to continue its democratic transition.
Major American companies such as General Electric and Coca Cola have set up shop in Myanmar recently. More than 100 individuals and companies are still on Washington's sanctions list, meaning US firms are barred from doing deals with them. The country's military retains significant stakes in many of Myanmar's businesses.
"I think this is a significant step. I don't think it's a massive step," Peter Harrell, a senior adjunct fellow at the Center for a New American Security told Reuters. US officials also remain concerned about potential human rights abuses in the country, particularly against the minority Rohingya Muslims.
"The practical reality is if you can't do business with military-owned companies, chunks of the economy are going to remain off limits." Timeline of political reform in Myanmar
2010 - After decades of being an international pariah Myanmar holds its first elections in 20 years.
The main military-backed party, the Union Solidarity and Development Party (USDP), claims resounding victory but opposition groups allege widespread fraud. The junta says the election marks the transition from military rule to a civilian democracy.
2011 - Thein Sein is sworn in as president of a new, nominally civilian government and that year the US begins loosening sanctions.
2012 - The European Union suspends all non-military sanctions against Burma for a year.
2013 - President Thein Sein visits Washington. President Obama praises Myanmar's political and economic progress, but criticises violence against Rohingya Muslims.
2015 - A draft ceasefire agreement is signed between the government and 16 rebel groups.
2016 - Htin Kyaw sworn in as president, ushering in a new era as Aung San Suu Kyi's democracy movement takes power after 50 years of military domination.