U.S. prepared to lift Myanmar sanctions: Obama

Following Myanmar Democratic transformation, U.S. President Barack Obama has announced that his government was prepared to lift sanctions on the country.

Obama made the remarks after meeting with Myanmar's de facto leader Aung San Suu Kyi in the Oval Office, a move taken to mend broken relationship between the two countries.

Though Myanmar was formerly known as Burma, the U.S. government still uses it referring to the country.

"In part because of the progress we've seen over the last several months, I indicated after consulting with Daw Suu that the United States is now prepared to lift sanctions we've imposed upon Burma for quite some time," CNN quoted Obama as saying.

"It is the right thing to do in order to ensure the people of Burma see the rewards from a new way of doing business and a new government," he added.

Though he did not specify precisely which sanctions would be lifted, but said the relief would come "soon."

Obama also announced that Washington would add Myanmar to a roster of developing countries granted special trade status, allowing duty-free import of some 5,000 products.

Meanwhile, a senior administration official said that some sanctions including a longstanding arms ban would remain on Myanmar in order to ensure that the military remains a partner in the democratic transition.