Tenth SL-US TIFA talks end successfully

The tenth session of the United States -Sri Lanka Trade and Investment Framework Agreement (TIFA) concluded recently.

Secretary, Industry and Commerce, Tilak Collure leads the Sri Lankan team as Assistant US Trade Representative of South and Central Asia Michael J Delaney leads the US team.

Senior officials from the US and Sri Lanka met to continue their trade dialogue and evaluate progress under TIFA. The officials discussed a wide range of trade and investment issues including market access, the US -GSP, labour, trade promotion efforts, intellectual property rights, agriculture, promoting women entrepreneurs and sector -specific investment challenges. Officials of both governments believe that progress on all these trade and investment issues foster economic growth thus providing a strong foundation for inclusive economic development.

The meeting marked the 10th session of the US - Sri Lanka TIFA Council. The Agreement signed in 2002 has been the primary forum for bilateral trade and investment discussions between the two countries.

The TIFA process has been the focal point of a sustained and multi-faceted high-level engagement between the US and Sri Lanka on trade and investment issues, including addressing impediments to greater trade and investment flows between the Parties.

Sri Lanka is currently the 80th largest goods trading partner of the US with $2.4 b in two-way goods trade in 2011. Sri Lanka was the US 114th largest goods export market in 2011. US goods exports to Sri Lanka were $307 m, up 71.7 percent ($128 m) from 2010.

Sri Lanka's exports to the US were worth approximately $2 b demonstrating a growth of 20 percent over 2010.

The US and Sri Lanka agreed to set up a number of TIFA committees to continue work throughout the year on a number of important bilateral trade and investment issues.

The new TIFA committees cover intellectual property, customs cooperation, and labour affairs. The parties also agreed to continue discussions on the possibility of establishing a committee on empowerment of women entrepreneurs.

Senior officials discussed a range of labour-related matters, including Sri Lanka's progress in addressing issues raised pursuant to the 2010 GSP review and an ILO technical assistance project funded by the US Department of Labour. The Labour affairs committee will provide a forum for continuing dialogue and collaboration on labour issues of mutual interest.