The European Union has agreed to lift all economic and trade embargoes on Myanmar as well as sanctions against individuals in the country.
The agreement was reached during a meeting of the European Union’s Foreign Ministers in Luxembourg on April 22, one year since the EU issued a decision to loosen many economic, trade, and individual sanctions against Myanmar .
However, the EU still maintains its arms embargo on the Southeast Asian nation.
Under the earlier sanctions, assets of over 800 firms and institutions of Myanmar have been frozen, and nearly 500 citizens were forbidden to enter EU countries.
Bans on weapon, military-related technical assistance, and investment in mining, wood industry, and precious metals were also imposed.
However, the international community, especially developed countries, has in recent time made positive response to Myanmar ’s efforts in political and socio-economic reforms.
Japan has decided to gradually absolve Myanmar’s debts of 3.7 billion USD while resuming its commitments to development aid to back the country’s economic reform.
Earlier, the United States had appointed its first ambassador to Myanmar after 22 years, and announced to step by step relax financial limitations over the Southeast Asian country.-VNA
The agreement was reached during a meeting of the European Union’s Foreign Ministers in Luxembourg on April 22, one year since the EU issued a decision to loosen many economic, trade, and individual sanctions against Myanmar .
However, the EU still maintains its arms embargo on the Southeast Asian nation.
Under the earlier sanctions, assets of over 800 firms and institutions of Myanmar have been frozen, and nearly 500 citizens were forbidden to enter EU countries.
Bans on weapon, military-related technical assistance, and investment in mining, wood industry, and precious metals were also imposed.
However, the international community, especially developed countries, has in recent time made positive response to Myanmar ’s efforts in political and socio-economic reforms.
Japan has decided to gradually absolve Myanmar’s debts of 3.7 billion USD while resuming its commitments to development aid to back the country’s economic reform.
Earlier, the United States had appointed its first ambassador to Myanmar after 22 years, and announced to step by step relax financial limitations over the Southeast Asian country.-VNA
