US Lifts Burma Sanctions, Reinstates GSP Privileges

US President Barack Obama signed an Executive Order on October 7 2016 officially lifting the ban on gemstones and jade from Burma, nearly 20 years after economic and financial sanctions were first imposed.

These steps fulfil the announcement made by President Obama during the visit of State Counsellor Aung San Suu Kyi, stand as a testament to the far-reaching changes that Burma has undergone in the past few years, and are intended to support efforts by the civilian government and the people of Burma to continue their process of political reform and broad-based economic growth and prosperity.

“Burma has made significant strides in recent years, including choosing a civilianled, democratically elected government,” said Adam J. Szubin, acting under secretary for terrorism and financial intelligence at the US department of the 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 antimoney laundering regime that will help to ensure the security of its financial system.”

The ban was lifted following Myanmar’s “substantial advances to promote democracy… and the formation of a democratically elected, civilian-led government; the release of many political prisoners; and greater enjoyment of human rights and fundamental freedoms, including freedom of expression and freedom of association and peaceful assembly.”