The End of the U.S. Burma Sanctions: Challenges and Opportunities
AMCHAM Thailand and HRMR Law Firm from Yangon, Myanmar, invite you to a seminar exploring the implications of recent developments concerning the U.S. economic sanctions against Myanmar.
On September 14, President Obama announced his intent to terminate the National Emergency with respect to Burma, nearly 20 years after economic and financial sanctions were first imposed on the country. The announcement came after the President met and discussed these issues with State Counsellor Aung San Suu Kyi, during her first visit to the United States in her new capacity.
Yet, President Obama also announced that the U.S. Government will continue helping Myanmar strengthen its ability to combat money laundering and terrorist financing, which may further delay the integration of Myanmar into the international financial system. In that regard, a number of sanctions will be maintained. The JADE Act visa ineligibility list will remain in effect. Furthermore, restrictions will continue as to foreign assistance to Myanmar's military, as well as on selected individuals and companies allegedly involved in drug trafficking or involvement with North Korea.
The White House also announced that, starting on November 13, 2016, Myanmar would be reinstated in the U.S. Generalized System of Preferences, a privilege which had been suspended in 1989. As a result, import duties and tariffs will be reduced on about 5,000 types of products exported to the U.S.
As complex challenges will remain even after these sanctions are removed, the seminar will address:
- the practical extent of the changes proposed by President Obama
- the key areas of opportunity and risk for business with regard to Myanmar
- potential next steps in the sanctions process.
About the speaker:
Eric Rose is the Lead Director of HERZFELD RUBIN MEYER & ROSE LAW FIRM LIMITED, the first American law firm in Myanmar. Eric is an expert in the application of the sanctions, as well as in dealing with U.S. Government agencies, including the Office on Foreign Assets Control (OFAC). Eric also serves on the AMCHAM Myanmar Executive Committee and is a founding member. For a more detailed background, see www.hrmr.us