EU to suspend Myanmar sanctions for one year

Diplomats of European nations said that the various sanctions imposed in Myanmar will be suspended one year for the time-being by the governments of European Union in acknowledgement and recognition of the government’s effort in implementing different reforms particular in economic and political transformation.

Western Union representatives have agreed on this matter last Wednesday and the different ministers of European nation will meet on April 23 in Luxembourg in accordance with the approval of this matter.

The European Union’s decision to suspend sanctions will give a brighter hope and better future of investment in Myanmar since ban on trade related to mining and timber is one example of sanctions to be lifted. ASEAN nations such as India and China, Myanmar’s neighbouring county will surely go for these opportunities since they are considered the world’s two biggest markets.

The formal contract is based on standard of moral and ethical decision making. It says that all sanctions will be suspended for one year with the exception of arms embargo, a diplomat said but requested that his identity be not revealed.

For these government representatives, lifting totally the sanctions is not a good idea. The main purpose is just to suspend some sanctions to ensure and forced the quasi-civilian government to continue and work for more reforms which are beneficial to the growth and development of the country and its citizenry. Democratic leader Aung San Suu Kyi agreed unconditionally on these strategies of the EU.

David Cameron, British Prime Minister states that even if the government of Myanmar is in the process of doing reforms strengthening its responsibility to achieve democracy and national reconciliation, he suggested taking necessary precautions in dealing with the government. Putting pressures on the government to continue transforming the country plays a significant role by expecting the political prisoners to get out of jail soon, the peace agreement and reconciliation of the ethnic territories will come to reality, and to allow and involve its citizen’s equal participation in government and decision making, news report from Reuters said.

While it’s true that the Western Union are interested in investing business particularly in its rich natural resources, the gas and oil depot and see tourism as one of their prospective evidently based on the outstanding number of visitors and tourist recorded who had tour Myanmar. There’s no doubt that they are alarmed with their ASEAN competitors seeing that they have established their presence and existence in this country.

Last Tuesday the U.S. Treasury has granted the lifting of sanction in terms of its financial operation in order to boost humanitarian and development scheme, according to a report made by Reuters.