The US, however, still has concerns about the human rights situation in Myanmar, especially regarding the Muslim Rohingya minority group.
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The sanctions now ban U.S. imports of jadeite.
Coming only days after Obama departed Asia for the final time as president, the visit also underscores the administration’s driving foreign policy pivot toward the continent, an approach that’s come with mixed success.
Barack Obama made the remarks after meeting with Myanmar’s de facto leader Aung San Suu Kyi in the Oval Office, a move taken to mend broken relationship between the two countries. The benefits will be reinstated as of November, following a review that includes whether the country is trying to improve conditions for workers, according a statement issued by the USA trade representative.
Some major United States brands have already jumped into the frontier economy, but many have stayed away saying the sanctions make investment too expensive and unsafe.
Wednesday’s announcement marked a significant departure from the incremental easing of executive sanctions since 2012.
President Obama said the lifting of some sanctions would happen “soon”, but did not give further details. Reporting requirements for US investors were raised from $500,000 to $5 million, while other exemptions were broadened to prevent American investors from running afoul of US Treasury rules.
Now she is de facto leader of the country with the title of state counsellor although a junta-era constitution still enshrines the military’s role in politics and bars her from the presidency.
In her remarks, Suu Kyi said the end of USA sanctions will help the country develop its material resources.
Despite her ineligibility, Suu Kyi is widely considered to be Myanmar’s symbolic leader. But strong opposition from sections of the lower house and human rights groups remains. “However, BBC reported, sanctions will remain in place against a “‘blacklist’ of at least 100 companies and individuals with links to the former military junta, as well as trade in jade and rubies”. Some restrictions remain, pertaining to trade with North Korea, drug trafficking, military influence and the gems trade.
Myanmar’s military and democratic government share common views on matching Myanmar’s opening to the West with maintaining strong ties to China.
The biggest question for the Obama administration is how far and how fast to lift remaining U.S. sanctions.
Mr Robertson acknowledged the release of political prisoners, but cited the continued arrests of civil society activists, as well as the government’s failure to repeal laws limiting free speech and the rights of religious minorities.
“They shouldn’t be fully lifted until the democratic transition is irreversible”, John Sifton, Asia advocacy director at Human Rights Watch, said last week. But the USA has retained more targeted restrictions on military-owned companies and officials and associates of the former ruling junta.
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“It is clear that in setting up the Annan Commission, Suu Kyi is not merely looking for some diplomatic cover, but is making Rakhine State a priority and is serious about taking steps to address the situation”, Richard Horsey, an independent political analyst based in Myanmar, told Reuters news agency.
