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The United States will lift trade sanctions against Myanmar, said President Barack Obama after a meeting with the country's de facto leader Aung San Suu Kyi, who called on the US leader to drop the trade restrictions. Radio Sputnik discussed the issue with Dr. Munir Majid, an expert in the Asia-Pacific region.

"The context against which all of this is happening is clearly a contest for power and influence in the Asia-Pacific between China and the US, in which Southeast Asia is the main theater of competition and perhaps the South China Sea is the main area of contest," Majid told Sputnik.

He further said that, "Efforts that are being made by the US or China, if seen against that background, can be understood more clearly."

However, in his opinion, with the way things are going, it seems clear that the "US is losing in that contest and China is winning."

"China is winning mainly because China has got a great financial and economic backup in the contest, which the US hasn't," Majid said.

"While the US is still predominant investor in the region, China is actually the overwhelming trading partner for the region and its economic relationship with the region is growing fast despite its slowing economic growth," the expert said.

Majid further spoke about the investments China has made in the region, such as the AIIB bank and multiple infrastructure investments.

Whereas, "the US has mainly talked about intellectual issues of the region such as human rights, transparency, better governance etc.," the expert said.

"When you pile up the intellectual arguments against real economic financial arguments, on the other side, you can just imagine which one wins. I am not saying one or the other is better but it is a fact of life."

Talking about Myanmar, the specialist said that the country has an intellectual predisposition which is now quite western. But considering its geopolitical location, "Myanmar needs to be more realistic about who it deals with," Majid said.

Myanmar's access to trade benefits for poorer nations was suspended in 1989 over human rights abuses. Myanmar, which is also known as Burma, should now be allowed to benefit from preferential tariffs after the country emerges from decades of military rule.

However, some sanctions will remain in place. Companies and individuals linked to former military junta members will not enjoy lower tariffs. This also applies to trade in jade and rubies.

"In terms of intellectual and realistic things, in time the more realistic things will predominate," the expert concluded.