Originally posted by the Voice of America.
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US Lifts Sanctions on Myanmar

by VOA News

   WASHINGTON --

   U.S. President Barack Obama has lifted sanctions on Myanmar, saying the
   Southeast Asian country has made substantial advances to promote
   democracy.

   Obama signed an executive order Friday that overturns a previous
   declaration calling Myanmar's government a threat to U.S. national
   security.

   Since historic elections last November that resulted in the former
   opposition party winning a majority of the seats in parliament, the
   president said, the situation in Myanmar has been significantly
   altered, including greater freedoms for the population and the release
   of many political prisoners.

   Obama pledged he would lift sanctions last month during a visit to the
   White House by Myanmar's de facto civilian leader, Aung San Suu Kyi.

   The sanctions, imposed 20 years ago, prevented American firms and
   foreign investors using U.S. financial services from having any
   dealings with more than 100 businessmen tied to the former military
   regime -- business tycoons who owned conglomerates that dominated
   Myanmar's trade, banking, extractive industries, farming, tourism and
   airline businesses.

   The legal hurdles deterred many potential foreign investors from
   entering Myanmar's market, while also tainting Myanmar exports to
   America.

   The United States also has eased some sanctions on Myanmar, formally
   known as Burma, as the Southeast Asian nation has made political
   reforms over the last several years.