Obama orders US economic sanctions on Myanmar lifted

October 08, 2016 01:04

President Barack Obama on Friday lifted US economic sanctions on the former pariah state of Myanmar.

Obama's move marks the culmination of years of rapprochement between the US and Myanmar that Obama has worked to facilitate. The Southeast Asian nation, also known as Burma, has pursued political reforms over the last five years following decades of oppressive military rule.

The US has already eased broad economic sanctions on Myanmar, including prohibitions on investment and trade. But the US had retained more targeted restrictions on military-owned companies and officials and associates of the former ruling junta.

US companies and banks have remained leery of involvement in one of Asia's last untapped markets.

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