White House eases sanctions on Burma

The White House is formally easing sanctions on Burma, opening a door long-closed for U.S. business investment there. 

President Obama said Wednesday that Burma, also known as Myanmar, was making strides in its transition toward democracy and reducing restrictions would allow U.S. companies to responsibly do business in the Southeast Asian nation.

"President Thein Sein, Aung San Suu Kyi and the people of Burma continue to make significant progress along the path to democracy, and the government has continued to make important economic and political reforms," Obama said in a statement. 

"Easing sanctions is a strong signal of our support for reform, and will provide immediate incentives for reformers and significant benefits to the people of Burma."

The Obama administration announced in May that it was suspending sanctions. 

Still, he said "Burma’s political and economic reforms remain unfinished" and that there are still deep concerns about the lack of transparency in the investment environment, citing the military’s role in the economy.  

To that end, U.S. companies are being asked to report on their activities. 

He also signed a new executive order that expands the Treasury secretary’s existing sanctions authority to those who undermine the reform process, engage in human-rights abuses, contribute to ethnic conflict, or participate in military trade with North Korea.  

"This order is a clear message to Burmese government and military officials: those individuals who continue to engage in abusive, corrupt, or destabilizing behavior going forward will not reap the rewards of reform," Obama said. 

Francisco Sánchez, under secretary for international trade at the Commerce Department, leaves for a three-day trip Cambodia and Burma on Thursday. He will participate in the first-ever U.S.-Association of Southeast Asian Nations business forum and is expected to review the next phase of the commercial relationship between the the United States and Burma.