Obama restores trade benefits to Myanmar under GSP

US President Barack Obama today notified to the Congress about his intent to restore trade benefits to Burma (Myanmar) that had been suspended more than two decades ago amid allegations of rights abuses.
In a notification to the Congress minutes before his meeting with Myanmar Foreign Minister Aung San Suu Kyi, Obama announced his intent to designate Burma as a least-developed beneficiary developing nation for purposes of the GSP program.
"I am writing to inform you of my intent to end the suspension of preferential treatment for Burma as a beneficiary developing country under the Generalized System of Preferences (GSP) programme and to designate Burma as a least- developed beneficiary developing country for purposes of the GSP program," Obama said in a notification to the Congress.

The move is seen as commensurate to the progress made towards restoration of democracy in Myanmar which is still being called by the US by its previous name Burma.