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Sri Lanka and the USA will appoint a trade and investment committee to formulate the necessary laws and regulations to implement the Trade and Investment Framework Agreement (TIFA). the agreement was signed between the two countries during Prime Minister Ranil Wickremesinghe's visit to USA last week.

Minister of Commerce and Consumer Affairs Ravi Karunanayake with Pakistani President Pervez Musharraf

The committee will comprise members from both countries. A high level US delegation is scheduled to visit Sri Lanka next October to review these laws and to look into the pragmatics of implementation.

TIFA will further strengthen trade and investment ties between USA and Sri Lanka. The agreement was signed on July 25 by Minister of Economic Reforms, Science and Technology Milinda Moragoda on behalf of Sri Lanka and US Trade Representative Robert Zoellick on behalf of the USA. It was signed in the presence of Prime Minister Wickremesinghe.

Mr Zoellick said that the US government would shortly appoint a separate trade representative for the South Asia region.

Foreign Minister Tyronne Fernando with the Foreign Minister of Singapore

TIFA, the framework agreement will pave the way for increased and streamlined trade activities between the two countries. This is the first step towards developing a long-term sustainable relationship.

Minister Moragoda said: "Based on this foundation, we hope to strengthen our trade relationship in the future.

The agreement is a manifestation of their confidence on the commitment of the Government and its leadership to the ongoing peace process towards achieving lasting peace in the country as well as their support for the Norwegian-brokered peace initiative. "This agreement will open new avenues for import and export trade between the two countries."

World Bank President James D. Wolfensen had agreed to grant US$ 100 million to the information technology and telecommunication sectors. Trade negotiations with Pakistan

Meanwhile, Minister of Commerce and Consumer Affairs Ravi Karunanayake ended two days of trade negotiations with Pakistan ahead of a visit by Pakistani President Pervez Musharraf to Sri Lanka.

Karunanayake had extensive talks with his counterpart Abdul Razak Dawood on a proposed trade pact which will be Pakistan's first Free Trade Agreement (FTA) with another country.

The two countries will sign a framework treaty when Musharraf visits Sri Lanka at the end of this month. The FTA is expected to go into effect later this year.

Karunanayake also held talks with President Musharraf and Finance Minister Shaukat Aziz. The two ministers discussed possibilities of increasing economic cooperation between the two countries.

Pakistan could benefit from Sri Lanka's expertise in tourism, gems, the jewellery industry and tea while Sri Lanka could increase imports of food, electronic goods and textiles from Pakistan.

Sri Lanka Week in Lion City

The Sri Lanka Food festival and Tourist Promotion Week at the Mandarin Hotel, Singapore was inaugurated by Foreign Minister Tyronne Fernando last week. The five-day exhibition will conclude tomorrow. The exhibition, a collaboration of SriLankan Airlines, Ceylon Tourist Board and Keells Hotels, features Sri Lankan arts and craft, gem cutting, wood carving and eco-tourism.

Minister Fernando, on an official visit to Singapore, told 50 leading Singaporean investors that the UNF Government is determined to provide a conducive investment-friendly environment for investors to operate in Sri Lanka. He requested major Singaporean investors to look at Sri Lanka as a country reborn with new perspectives and a vision.

"During the 1950s, Singapore wanted to be a Ceylon. But today, we are aspiring to be a Singapore," the Minister told the meeting, organised by the Sri Lanka Board of Investment and the Sri Lanka High Commission in Singapore. "Those days, Ceylon was far ahead of countries such as South Korea," he added.

Minister Fernando said: "Since independence, the lack of correct political and economic decisions took us along the wrong path. But today, Sri Lanka is back on track with strength and resources. I invite you to make full use of this golden opportunity with confidence". He requested the investors to look at Sri Lanka from a positive perspective in the Asian context.

"Our policies are clear and transparent. Sri Lanka is now engaged in a process of revamping its devastated economy," he said.

The Minister was of the view that Asian nations should join hands to eradicate poverty from the entire region. "We should take serious note of the issue of poverty in the region where most of our population depend on a dollar a day."

"Our intention is to make Sri Lanka a model democracy and the hub of South Asian economy. We are full of resources, strength, literate and friendly people and skilled labour. The UNF Government has taken bold steps to create a conducive and peaceful environment for foreign investors to operate here. We vehemently hope that they will make full use of this opportunity," the Minister added.

Improving ties with China

Power and Energy Minister Karu Jayasuriya left for the People's Republic of China to have discussions with Chinese heads of state as a special representative of the Prime Minister.

The main objective of this tour is to have discussions with Chinese leaders on improving trade and political relationships between the two countries and to brief the Chinese government on the current peace process in the country.

Minister Jayasuriya will meet personnel who are foremost in the economic development of China in addition to political leaders to ascertain whether Chinese investors could be identified for industrial and agricultural sector developments in Sri Lanka.

The Minister will have talks with the relevant authorities to obtain assistance from the Chinese government for the rural electrification project and other development projects embarked by the UNF Government. Minister Jayasuriya is scheduled to meet Chinese Prime Minister Zhou Rhongi, Foreign

Minister Thtang Jiaxuan and Minister of Foreign Trade and Economic Co-operation Shi Guang Sheng during his tour.

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