EU suspends sanctions against Myanmar

The EU Foreign Affairs Council Monday adopted a regulation to suspend sanctions against Myanmar which was previoulsuy known as Burma. The sanctions \"against Burma/Myanmar are suspended for one year. Only the embargo on arms and equipment that can be used for internal repression will remain in force for another 12 months,\" noted a Council statement. \"The European Union welcomes the remarkable changes in Burma/Myanmar and has decided to open a new chapter in our relations. Now that the sanctions will be effectively suspended, we encourage trade and investment in the country,\" said EU foreign policy chief Catherine Ashton in press statements. The suspended sanction concern trade and investment in the sectors of logging, timber processing and mining of precious metals and precious stones. In addition, sanctions on asset freezes and travel bans have also been suspended against government officials and military owned companies or companies controlled by the government of Myanmar.