Myanmar and the US on June 27 reached a new agreement on economic cooperation, in which the US will provide the Southeast Asian country with financial assistance worth 170 million USD over the next two years.

The agreement was signed by Myanmar Deputy Minister of National Planning and Economic Development U Set Aung and US Ambassador to Myanmar Derek Mitchell, according to a press release issued by the US Embassy in Myanmar.

It is a commitment of both countries to continue supporting Myanmar 's reform process which was said to be in a steady progress, according to Derek Mitchell.

The bilateral agreement specifies the guidance for cooperative support between the two governments, in particular the US Agency for International Development (USAID).

The first Myanmar-US Economic Cooperation Agreement was signed in 1950.

Accordingly, USAID and the Myanmar government worked together to provide a range of assistance including training, technical services, grants and agricultural commodities until 1962 when USAID office in Myanmar was closed.

In 1998, USAID resumed targeted health program in Myanmar.

In April 2012, the US Secretary of State Hillary Clinton announced the establishment of USAID’s mission in Myanmar.-VNA