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World

What lifting sanctions means for Myanmar

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Opening sequence

World

What lifting sanctions means for Myanmar

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COMING UP:What lifting sanctions means for Myanmar

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Transcript

00:00:00
>> Daw Suu that the United States is now prepared to lift sanctions.>> President Obama announcing it's time to step up business with Myanmar, lifting bans on trade as a reward for embracing democracy after decades of military rule. Reuters' Martin Petty explains what that means for Asia's last frontier economy.
00:00:19
>> There's been a potential for reputational damage for companies wanting to invest there, they've been petrified of teaming up with the wrong people on the sanctions list. So, lifting the sanctions would be a real big boost to the country because right now it really, really needs investment.>> As part of the deal, Washington will add Myanmar to a list of countries called the GSP, which means duty free treatment for thousands of its products.
00:00:42
It should make a real big difference to your average person in Myanmar. Having access to the GSP, is the General System of Preferences will make manufacturing a lot more attractive. You can expect a lot more orders and jobs creation that people in Myanmar, and that's what they need most.
00:00:56
>> The US had already eased some trade restrictions, but kept most in place to maintain pressure on the military. Leader Aung San Suu Kyi says what Myanmar now needs is an economic boost but that doesn't mean all sanctions will be scrapped.>> We could probably expect to see ones involving the military and military to military action to stay in place.
00:01:16
Ones targeting individuals who are on US blacklists for involvement in the drug trade, corruption, illegal mining activities, and anything related to the jade industry as well. Not everyone is pleased about the announcement, some activist say Washington is throwing away it's leverage over the military. Stealing control of important government ministries and the big trunk of seats in parliament.