Welcoming Aung San Suu Kyi to Washington DC, President Barack Obama affirmed the commitment to deepen US-Myanmar partnership. This includes the restoration of the GSP trade benefits to Myanmar in light of progress on a number of fronts, including strengthening protections for internationally recognised worker rights.

In a statement by the US Department of State, the remaining sanctions would be lifted while the US also anticipates expanding people-to-people ties, deepening bilateral economic engagement, continuing to work toward an Open Skies Treaty, and initiating a new USAID loan portfolio guarantee.

At their meeting, both leaders recognised the important role of small and growing businesses in supporting inclusive economic growth. The United States intends to sign a loan guarantee with five local microfinance institutions to support over US$10 million in loans to small businesses in Myanmar, which will increase access to food and support employment opportunities for communities in Myanmar.

They also shared interest in enhancing bilateral economic engagement and exchanging views on laws and practices that affect bilateral investment flows and foreign investment, including the elements of a high-standard Bilateral Investment Treaty.

The announcement was released after the arrival of Suu Kyi, who made her first official visit to the US in her new capacities as State Counsellor and Foreign Minister. The US welcomed latest developments in Myanmar, which now has a civilian-led, democratically elected government focused on bringing peace and national reconciliation, economic prosperity and social welfare, and respect for human rights to its people.

“Building on this progress and in close coordination with the new government, President Obama has decided to make significant adjustments to our policies to help State Counsellor Aung San Suu Kyi, her government, and the people of Myanmar continue their process of political reform and broad-based economic growth and prosperity,” the statement said.