The US government lifted the economic sanctions imposed on Myanmar, attributing it to the nation’s transition to democracy.
However, the Obama administration stopped short of wider action because many companies and entrepreneurs are still blacklisted and concerns remain over the transition.
US-ASEAN Business Council Director Anthony Nelson said the decision seeks to further trade flows and enable American entities to get into its financial system, clearing hurdles to invest in Myanmar.
President Barack Obama has been endeavoring to notch greater foreign policy goals and engage the United States with once-isolated nations such as Cuba.
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