President Barack Obama said Wednesday the U.S. is lifting economic sanctions and restoring trade benefits to former pariah state Myanmar as he met with Aung San Suu Kyi, a former political prisoner who is now the nation's de facto leader.
Obama hailed a "remarkable" transformation in the country also known as Burma, which spent five decades under oppressive military rule. Suu Kyi's party swept historic elections last November, and the visit by the 71-year-old Nobel Peace Prize laureate, deeply respected in Washington, is a crowning occasion in the Obama administration's support for Myanmar's shift to democracy, which the administration views as a major foreign policy achievement.
The U.S. has eased broad economic sanctions since political reforms began five years ago and Obama has visited the country twice. But the U.S. has retained more targeted restrictions on military-owned companies and officials and associates of the former ruling junta. U.S. companies and banks have remained leery of involvement in one of Asia's last untapped markets. (Courtesy of crossroadstoday.com)
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