Tenth SL-US TIFA talks end successfully
The tenth session of the United States -Sri Lanka Trade and
Investment Framework Agreement (TIFA) concluded recently.
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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.
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