EU set to lift most Myanmar sanctions

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Myanmar export
Myanmar can now rebuild its export links with the European Union

The European Union is expected to lift all sanctions on Myanmar shortly, except for an arms embargo, in recognition of the “remarkable process of reform” in the country, Reuters reported on April 18. The EU already agreed a year ago to suspend most of its sanctions against Myanmar, but it is now expected to go further by agreeing to lift all sanctions with the exception of the embargo on arms.

The step will allow European companies to invest in Myanmar as the EU said it is willing to open a new chapter in its relations with Myanmar, building a lasting partnership. The move could put pressure on the US, which suspended sanctions in May last year and allowed US companies to invest through a general license. Some American executives have urged Washington to go further and lift sanctions entirely to remove an element of uncertainty over their investments.

Myint Soe, a vice-chairman of Myanmar’s Federation of Chambers of Commerce and Industry and head of the Myanmar Garment Manufacturers Association, welcomed the EU move.

“An important market will be restored for us,” he said.

 

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Reading Time: 1 minute

Myanmar can now rebuild its export links with the European Union

The European Union is expected to lift all sanctions on Myanmar shortly, except for an arms embargo, in recognition of the “remarkable process of reform” in the country, Reuters reported on April 18. The EU already agreed a year ago to suspend most of its sanctions against Myanmar, but it is now expected to go further by agreeing to lift all sanctions with the exception of the embargo on arms.

Reading Time: 1 minute

Myanmar export
Myanmar can now rebuild its export links with the European Union

The European Union is expected to lift all sanctions on Myanmar shortly, except for an arms embargo, in recognition of the “remarkable process of reform” in the country, Reuters reported on April 18. The EU already agreed a year ago to suspend most of its sanctions against Myanmar, but it is now expected to go further by agreeing to lift all sanctions with the exception of the embargo on arms.

The step will allow European companies to invest in Myanmar as the EU said it is willing to open a new chapter in its relations with Myanmar, building a lasting partnership. The move could put pressure on the US, which suspended sanctions in May last year and allowed US companies to invest through a general license. Some American executives have urged Washington to go further and lift sanctions entirely to remove an element of uncertainty over their investments.

Myint Soe, a vice-chairman of Myanmar’s Federation of Chambers of Commerce and Industry and head of the Myanmar Garment Manufacturers Association, welcomed the EU move.

“An important market will be restored for us,” he said.

 

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