Long-standing trade sanctions against Myanmar are to be lifted, US President Barack Obama has said…

He confirmed the move in a letter to Congress…adding Myanmar - also known as Burma - to the Generalised System of Preferences, a list which exempts certain countries from high import taxes.

Though many companies will now enjoy lower tariffs, there are some sanctions which remain in place...

President Obama said the lifting of some sanctions would happen "soon", but did not give further details…