US Formally Lifts Burma Econ Sanctions

Posted July 11th, 2012 at 4:50 pm (UTC-5)
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The United States has formally lifted economic sanctions against Burma, allowing American companies to invest in the Southeast Asian nation for the first time in 15 years, but requiring them to disclose details of their dealings.

A White House statement says the move, first announced in May, comes in response to “important economic and political reforms” by Burma's nominally civilian government. The statement calls the easements “a strong signal” of support for reform in the impoverished country.

U.S. firms are still prohibited from business dealings with Burma's military and industries controlled by the Ministry of Defense.

Mr. Obama also signed a directive broadening existing sanctions against senior officials found to be undermining the reform process.