WASHINGTON, Oct. 7 (Xinhua) — U.S. President Barack Obama on Friday issued an executive order to lift economic sanctions on Myanmar.
The move came after Obama's announcement that the U.S. was ready to lift sanctions on the Asian country during Myanmar State Counselor Aung San Suu Kyi's visit to Washington last month.
In a letter to Congress, Obama said that he has determined that "it is necessary to terminate the national emergency" with regard to Myanmar.
"I have determined that the situation that gave rise to the national emergency with respect to Burma (Myanmar) has been significantly altered by Burma's (Myanmar's) substantial advances to promote democracy," Obama said in a letter to Congress.
The Treasury Department said in a statement that as a result of Obama's announcement, the economic and financial sanctions administered by the Department of the Treasury's Office of Foreign Assets Control were no longer in effect.
Myanmar has made significant strides in recent years, "including choosing a civilian-led, democratically elected government," said Adam Szubin, acting U.S. Under Secretary of Treasury.
"Lifting economic and financial sanctions will further support trade and economic growth, and Treasury will continue to work with Burma to implement a robust anti-money laundering regime that will help to ensure the security of its financial system," Szubin said.
Last month, Obama announced his intention to reinstate preferential treatment for Myanmar under the Generalized System of Preferences (GSP) program, a preferential tariff system.
In May, the U.S. lifted some of the sanctions on Myanmar to show support for the country's political reforms and economic growth and to facilitate trade between the two sides.
The move eased restrictions on Myanmar's financial institutions, allowed certain transactions related to U.S. individuals living in the country, and removed seven state-owned enterprises and three state-owned banks from the U.S. blacklist.