European Union suspended Its Sanctions Against Myanmar

The European Union suspended its sanctions against Myanmar on 23 April 2012 for a year. The EU move came in the back drop of a string of political reforms in the south-eastern Asian nation. The group however, maintained that it will hold on to restrictions on arms sales.

The measure, which was adopted by the bloc’s foreign ministers at a meeting in Luxembourg will currently target more than 800 companies and nearly 500 people, and include the withholding of some development aid.

The tough economic sanctions imposed on Myanmar by the European Union and US did not affect the country much as it maintained a flourishing relation with other economic power houses like China, Japan and India.

Japan, in a significant move to help Myanmar in continuing its reform process,  on 21 April 2012 announced to forgive about 300 billion yen (3.7 billion dollar) of Myanmar’s debt and resume development aid to the country.

European and U.S. officials have long been talking about the political reforms in Myanmar, which deprived its citizens of political rights and liberties. The detention of pro-democracy leader Aung San Suu Kyi prompted the EU to impose tougher sanction on the coutry. But in the past one year Myanmar has achieved substantial feats on the front of civil rights, the relese of Suu Kyi was considered to be the testimony to the Myanmarese government’s commitment to the Political reforms.