President Obama on Wednesday restored Burma’s preferential trade status ahead of his meeting with the former opposition leader of the once closed-off nation, who agreed the time was right.
Aung San Suu Kyi lived under house arrest for 15 years when a military junta ruled Burma and changed the country’s name to Myanmar. In April, the now-democratic government created the new position of state counselor especially for her. Although her party is in control, she cannot be president because of a clause in Burma’s constitution preventing even citizens with foreign-born spouses or children, such as Suu Kyi, from holding that office.
After Myanmar’s “remarkable social and political transformation” Suu Kyi told Obama she’s comfortable with the U.S. lifting the sanction first imposed in 1989, Obama said as Suu Kyi sat next to him in the Oval Office Wednesday.
“It is the right thing to do to ensure that the people of Burma see rewards for a new way of doing business,” Obama told the reporters in the room.
Obama began lifting severe sanctions against Burma in 2012. Wednesday’s move reinstated to Myanmar trade benefits the U.S. extends to less-developed countries. It lowers tariffs on Burmese exports.
Obama said he “carefully considered” the 1974 Trade Act’s criteria before informing Congress of his intentions to remove the trade sanction in place since 1989. His order takes effect in 60 days.
