Story highlights The visit underscores Obama's foreign policy pivot toward Asia

It is unclear whether Aung San Suu Kyi will support lifting sanctions

Washington (CNN) President Barack Obama announced Wednesday he was prepared to lift sanctions on Myanmar after the country's democratic transformation and re-entry into the United States' good graces.

He made the announcement after meeting with Myanmar's de facto leader Aung San Suu Kyi in the Oval Office, a symbolic image of his moves toward repairing broken US relationships across the globe. Myanmar was formerly known as Burma, a name the US government still uses when 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," Obama said, using an honorific title for the Burmese leader. "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."

Obama didn't specify precisely which sanctions would be lifted, but said the relief would come "soon." He also announced the US would add Myanmar to a roster of developing countries granted special trade status, allowing duty-free import of some 5,000 products.

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

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