EU agrees to lift Myanmar sanctions

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The easing of EU sanctions against Myanmar is likely to boost investment into the impoverished country

The European Union has agreed  to suspend most economic sanctions against Myanmar with effect from Monday, April 23, for the period of one year.

EU officials and foreign ministers of EU states are expected to approve the move formally at a meeting in Luxembourg on April 23 in recognition of the ongoing political and economic reforms in the country

The suspension of EU sanctions, which include a ban on investment and trade related to timber and mining, is likely to open doors to a flood of investment in the country which neighbours the world’s two biggest markets, China and India.

EU governments are keen to ease access to Myanmar for their businesses, hoping to capitalise on the country’s rich natural resources, proximity to large markets, and vast tourism potential. European firms fear Asian rivals are securing a foothold and already boosting their presence. The US Treasury on Tuesday, April 17, also relaxed sanctions on Myanmar to permit financial transactions to support certain humanitarian and development projects

During the 12-months suspension, the EU will assess the sustainability of the reforms. The ministers are expected to also agree to include the possibility of reviewing the decision in six months.

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Reading Time: 1 minute

The easing of EU sanctions against Myanmar is likely to boost investment into the impoverished country

The European Union has agreed  to suspend most economic sanctions against Myanmar with effect from Monday, April 23, for the period of one year.

Reading Time: 1 minute

The easing of EU sanctions against Myanmar is likely to boost investment into the impoverished country

The European Union has agreed  to suspend most economic sanctions against Myanmar with effect from Monday, April 23, for the period of one year.

EU officials and foreign ministers of EU states are expected to approve the move formally at a meeting in Luxembourg on April 23 in recognition of the ongoing political and economic reforms in the country

The suspension of EU sanctions, which include a ban on investment and trade related to timber and mining, is likely to open doors to a flood of investment in the country which neighbours the world’s two biggest markets, China and India.

EU governments are keen to ease access to Myanmar for their businesses, hoping to capitalise on the country’s rich natural resources, proximity to large markets, and vast tourism potential. European firms fear Asian rivals are securing a foothold and already boosting their presence. The US Treasury on Tuesday, April 17, also relaxed sanctions on Myanmar to permit financial transactions to support certain humanitarian and development projects

During the 12-months suspension, the EU will assess the sustainability of the reforms. The ministers are expected to also agree to include the possibility of reviewing the decision in six months.

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