A U.S. decision to pare back economic sanctions on Myanmar could unclog investment as the country claws its way out of poverty, Aung San Suu Kyi's civilian government said Wednesday, welcoming the move.

The United States lifted a host of financial and trade embargoes Tuesday to recognize the "historic milestone" of the country's transfer to a civilian-led government, according to a statement by the Treasury department.

It also removed three state-owned banks from its sanctions list and authorized dealings with two army-run financial institutions, opening up all Myanmar banks to American business.

The U.S. also extended indefinitely permission made in December enabling firms to trade through Myanmar's ports and airports -- many of which are operated by sanctioned cronies -- as it looks to smooth trade into the country.

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