President Barrack Obama has announced his intent to economic and financial sanctions imposed on Myanmar twenty years ago. This is a formality given the steady improvement in the Myanmar scene that has seen the icon of democracy, Aung San Suu Kyi’s return to the centre stage. It clears the decks for Myanmar importing some 5000 products and to enjoy special trading status.
Some sanctions like the arms ban may remain for a while to ensure that the Myanmar military remains a partner in the democratic transition of the country.
Obama- Speak marked the Suu Kyi’s maiden visit to Washington and her discussions at the Oval Office in her capacity as the State Counsellor.
“In part because of the progress we’ve seen over the last several months, I indicated after consulting with Daw Suu that the United States is now prepared to lift sanctions we’ve imposed upon Burma for quite some time,” Obama said. “It is the right thing to do in order to ensure the people of Burma see the rewards from a new way of doing business and a new government.”
Suu Kyi’s US visit comes after her meeting with the Chinese leaders in Beijing. It is a testament to the tremendous change Myanmar has undergone in the past few years. Naypyidaw now has democratically-elected civilian leadership for the first time in over half a century. It is focused on bringing peace and national reconciliation, economic prosperity and social welfare, and respect for human rights to its people.
An official statement after Obama- Suu Kyi meeting said: “As partners of Burma, and in support of requests by Daw Aung San Suu Kyi and her elected administration, President Obama decided to make significant adjustments to the American policies to assist her and her government as they continue the process of political reform and seek to deliver much needed economic growth and prosperity”.
The Burma sanctions program began in May 1997 when the US President, in Executive Order (E.O.) 13047, determined that the Government of Burma (then ruled by a military junta) had committed large-scale repression of the democratic opposition in Burma, and declared a national emergency with respect to the actions and policies of that government. Several subsequent Executive orders have been issued to modify the scope of and take additional steps with respect to the national emergency declared in E.O. 13047.
In May 2012, the President and the Secretary of State announced that the United States would begin easing certain financial and investment sanctions on Burma in response to the historic reforms taking place there. Two months later in July, the U.S. Government initiated various actions in response to the reforms in Myanmar.
President Obama welcomed Myanmar’s commitment to combat money laundering and terrorist financing, an effort that is critical to Burma’s reintegration into the international financial system.
He assured Suu Kyi that Washington will work closely with her government to develop new policies to address challenges like disproportionate role of the military in the economy and the need for responsible and transparent investment and business practices, in particular in the jadeite and gemstones sector.
President Obama stated that Myanmar would be added to the US roster of developing countries granted special trade status, allowing duty-free import of some 5,000 products.