U.S. President Barack Obama finally lifted Myanmar trade sanctions which were imposed in 1989 over human rights abuses, BBC reported.

According to the White House, substantial advances to promote democracy meant that it was no longer a threat to America's national security.

“While Burma faces significant challenges, including the consolidation of its democracy, the United States can, and intends to, use other means to support the government and people of Burma in their efforts to address these challenges,” Mr.. Obama wrote in a letter to the US House and Senate speakers.

Although a “blacklist” of at least 100 companies and individuals with links to the former military junta has been scrapped, a few individuals will remain sanctioned.