The US has decided to lift some of its economic sanctions on Myanmar following the transfer of power to a civilian-led government steered by the National League for Democracy in the Southeast Asian nation.

The US Department of the Treasury said on May 17 that it removed Myanmar financial institutions from a US blacklist and lifted sanctions against seven state-owned companies.

It also extended indefinitely a sanction exemption that allows banks to finance shipments coming in through Myanmar ports.

A store selling flags in Yangon city, Myanmar (Photo: CNN)

However, most economic restrictions, which have been imposed for more than five decades, are maintained.

Since the Southeast Asian nation launched reforms in 2011, President Barack Obama’s administration has attempted to improve US relations with Myanmar, including the lifting of sanctions and the appointment of a US Ambassador.

In December 2015, the US temporarily relaxed trade restrictions on Myanmar by allowing all shipments to go through Myanmar’s ports and airports for six months.

(Source: VNA)