With Myanmar in the process of forming its new Government after Aung San Suu Kyi’s recent victory in elections, the USA has announced a temporary relief to the exporters in Myanmar, as they will now be allowed to send their goods such as apparel to Myanmar, till next six months. A general license issued by the US Department of Treasury’s Office of Foreign Assets Control declared that companies can now ship goods and nonfinancial services in and out of Myanmar without any sanction problems.
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The US companies based in Myanmar would now be able to ship goods through the Yangon port in Myanmar, which is owned and operated by a company on a US sanctions blacklist. As the US Government is not sure if the sanction can be dropped entirely, the license does not allow direct transactions with people who are blacklisted for their ties to the former military regime. The move is said to have been made to avoid the US banks from pulling out entirely from the market due to fear of sanctions risk, and increasing compliance costs and burdens. The restrictions were put to solve a different set of problems connected to use of critical infrastructure, but was unintentionally affecting exports to and from Myanmar. This will certainly help Myanmar in increasing its apparel exports to US.
US businesses operating in Myanmar, including the likes of Gap Inc., General Electric Co. and Coca-Cola Co. have been lobbying the administration to address this issue, and now breathed a sigh of relief. A senior administration official from the Office of Foreign Assets suggested that the six-month license could also be renewed, as they have received numerous written applications for relief.
Bharat Tex Special Report 2026 
