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