The European Union has announced the suspension of most sanctions on Burma for one year in recognition of ‘historic changes’.

The EU will suspend its restrictions against individuals and companies based in Burma and also withheld aid money. However its embargo on arms sales will remain.

"The European Union has followed with respect and appreciation the historic changes in Myanmar/Burma over the past year and encourages the wide-ranging reforms to continue," a statement released by the Council of the European Union at the ministers' meeting in Luxembourg said.

"As a means to welcome and encourage the reform process, the council will suspend restrictive measures imposed on the government, with the exception of the arms embargo, which it will retain."

The statement said the EU would "monitor closely the situation on the ground" and constantly review its measures, as well as "respond positively to progress on ongoing reforms".

The council, however, still "expects the unconditional release of remaining political prisoners and the removal of all restrictions placed on those already released".

Meanwhile the opposition party of Aung San Suu Kyi did not attend todays opening of parliament, due to a disagreement on the wording of the oath.

National League for Democracy (NLD) MPs have refused to swear to ‘safeguard’ the constitution as they want to swear to ‘respect’ the constitution instead.

See below for BBC report:

Suu Kyi's NLD 'boycott' at opening of Burma's parliament (23 Apr 2012)