President Barack Obama and Myanmar's State Counsellor Aung San Suu Kyi (Source: Reuters)

Washington (VNA)
– President Barack Obama on October 7 formally announced the lifting of US sanctions, which had been imposed on Myanmar for almost two decades.

The decision followed a meeting between Obama and Myanmar's State Counsellor Aung San Suu Kyi in Washington last month.

President Obama signed an administrative order terminating an emergency state that deemed the policies of the former military government a threat to US national security.

"I have determined that the situation that gave rise to the national emergency has been significantly altered by Burma's (Myanmar's) substantial advances to promote democracy, including historic elections in November 2015," Obama said in a letter to the US House and Senate speakers.

The move, which allows Myanmar to benefit from the Generalised System of Preferences (GSP), a US preferential tariff system for the poor and developing countries, will encourage US investors to enter Myanmar, according to the US President.-VNA