Myanmar is about to be rewarded for its many political and economic reforms as the European Union (EU) voted to suspend sanctions in recognition of its efforts.
Reuters reported Thursday that E.U. envoys came to an agreement late Wednesday to suspend, rather than lift, sanctions on the country that has operated under military dictatorship for decades.
While the suspension opens an avenue to a wide range of investments in Myanmar, it also maintains a means of pressure should the new quasi-civilian government fail to continue progress toward democracy.
Formal approval of the agreement is expected at a Luxembourg meeting on April 23 by E.U. foreign ministers. One area expected to see considerable activity after the sanctions are suspended is investment in trade related to timber and mining, both of which are currently banned.