Luxembourg: European Union nations are set to reward Myanmar for its "remarkable" reforms by suspending most sanctions on Monday, a move opening the way to a potential trade and investment bonanza for Europe. (Agencies)
EU foreign ministers meeting in Luxembourg are set to approve a one-year suspension of sanctions against almost 500 individuals and more than 800 firms, but keep an arms embargo in place.
The situation in the one-time pariah nation is "looking much better" after the "remarkable progress" culminating in opposition leader Aung San Suu Kyi's election to parliament on April 1, said a senior EU diplomat who asked not to be identified.
But a decision to suspend rather than remove restrictive measures aims to "send a signal that we are continuing to watch", he added. "It is not set in stone that this (reform) trajectory will continue".
In a first sign of discord, Suu Kyi's party announced on Sunday it will postpone its parliamentary debut in a dispute over the swearing-in oath.
Despite the gathering pace of reforms by Myanmar's military leaders, EU nations were split over doing away with sanctions, the likes of Germany favouring a swift lifting but hawkish former colonial power Britain keen to maintain leverage in a nation still dominated by the Army.
In an about-face following the April 1 vote, however, British Prime Minister David Cameron and Nobel laureate Suu Kyi urged a suspension of measures dating back to 1996 and reinforced several times since.
In all, 491 individuals stand targeted by an EU travel ban and asset freeze, though the bloc last February eased its stand by lifting a visa ban on 87 top Myanmar officials, including President Thein Sein.
On the economic front, the EU slapped a ban on doing business in Myanmar, barring investment and banning imports of the country's lucrative timber, metals and gems.
As businessmen queue up to return, EU foreign policy chief Catherine Ashton this week said she would travel to Myanmar on April 28-30 and had invited the southeast Asian state's foreign minister to Brussels.
"I do hope that what we are now seeing is an opportunity for this country to go forward," she said.
"We will now enter into an active collaboration with Myanmar, to assist the reform process and to contribute to economic, political and social development."
President Thein Sein has surprised observers with a series of reforms since taking office last year, including accepting Suu Kyi and her party back into the mainstream and freeing hundreds of political prisoners.
Luxembourg: European Union nations are set to reward Myanmar for its "remarkable" reforms by suspending most sanctions on Monday, a move opening the way to a potential trade and investment bonanza for Europe.