Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws    Fake-alcohol deaths highlight SE Asia's methanol problem    Netanyahu attacks ICC war crimes arrest warrants    KSrelief provided over $7bln to support children around the world    Al-Jasser: Saudi Arabia to expand rail network to over 8,000 km    OMODA&JAECOO: Unstoppable global cumulative sales over 360,000 units    Saudi Arabia sees 73.7% rise in investment licenses in Q3 2024    9 erring body care centers shut in Riyadh    20,000 military emblems confiscated in Riyadh    Al-Samaani visits headquarters of Hague Conference on Private International Law    Al Hilal doesn't need extra support to bring new players, CEO says    Fate of Gaetz ethics report uncertain after congressional panel deadlocked    Indian billionaire Gautam Adani indicted in New York on fraud charges    Rafael Nadal: Farewell to the 'King of Clay'    Indonesia shocks Saudi Arabia with 2-0 victory in AFC Asian Qualifiers    Sitting too much linked to heart disease –– even if you work out    Yemeni Orchestra's captivating performances in Riyadh, showcasing shared cultural legacies    Future of Ronaldo's Al Nassr contract remains undecided, says Saudi Pro League CEO    GASTAT report: 45.1% of Saudis are overweight    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



US vows to remove economic sanctions against Myanmar
Published in The Saudi Gazette on 16 - 09 - 2016

US economic trade sanctions on the once-isolated Southeast Asian nation of Myanmar are being eased to support the country's transition toward democracy and a market economy.
President Barack Obama announced the plan to lift remaining sanctions and restore trade benefits after meeting at the White House with Aung San Suu Kyi, a former political prisoner who is now Myanmar's foreign minister and de facto leader.
Myanmar economists and businessmen on Thursday welcomed President Barack Obama's announcement that the US will lift economic sanctions and restore long-lost trade benefits to the Southeast Asian country as it emerges from half a century of oppressive military rule.
The nation of more than 50 million is rich in natural resources, and before a military coup in the early 1960s it was among the region's stronger economies. Today it's among Asia's least developed and poorest countries, with more than a quarter of the population living in poverty. Experts hope the lifting of sanctions helps change that by making it easier for US companies to invest and do business here.
"There will be more trading and investment as the result of lifting sanctions on our country. It will really benefit the citizens of this country and be a great hope for Myanmar's economic development," said Khin Maung Nyo, a Myanmar economist.
The United States first imposed sanctions on Myanmar in 1997, when the military junta ruled. In 2011, the junta gave way to a quasi-civilian government that was dominated by former military officials but still ushered in some democratic reforms, leading the US to restore full diplomatic relations and ease sanctions.
Myanmar's new government took power in April after the party led by pro-democracy leader Aung San Suu Kyi won a landslide election victory late last year. The military still retains power in the government, in part through a constitution that effectively bars Suu Kyi from the presidency.
She is formally state counselor and foreign minister but is universally viewed as the country's leader.
Sitting beside Suu Kyi in the Oval Office on Wednesday, Obama said the US will "soon" lift restrictions on military-owned companies and officials and associates of the former ruling junta.
Suu Kyi said it was time to remove remaining sanctions, which have kept US companies and banks leery of involvement in one of Asia's last untapped markets. But the military still retains major political and economic interests, and some rights groups said the US should continue applying pressure on Myanmar to change. Massive illegal trade in goods including jade and timber continues, as does civil war with many ethnic minorities.
"Lifting all sanctions now will embolden the Myanmar military and its partners," said Matthew Smith of Fortify Rights. "This decision was hasty and fails to recognize political realities on the ground."
Khin Maung Nyo, however, said it is impossible to single out Myanmar military interests without making the entire country suffer.
"In Myanmar, there are no businesses which are not related to cronies or military. But we do hope that they change according to the political changes, not only for their own profit but also benefiting the country and its people," he said.
Ye Hein Aung, a member of Myanmar Center for Responsible Business, said the lifting of sanctions will improve not only imports and exports but banking, and would make Myanmar less dependent on regional trade.
"When we have more economic development, grassroots-level people will have more hope to have a better life in the future. The current economic situations really hurt the grassroots-level people right now," Ye Hein Aung said.
Khin Maung Lwin, a 60-year-old who sells snacks on the roadside in Yangon, Myanmar's biggest city, hoped the changes would be not only wealth but more choices for consumers.
"This is really good, and the economy will grow," he said. "By lifting sanctions, there will be better-quality import products. We don't have good medical products and it affects people's health."


Clic here to read the story from its source.