US-Sri Lanka to boost bilateral trade

Sri Lanka and the US declared a Joint Action Plan to boost bilateral trade and investment during the 12th US-Sri Lanka Trade and Investment Framework Agreement (TIFA) Council Meeting in Washington last week.

Both governments pledged their commitment to deepen their engagement over the coming months to develop a detailed implementation plan for the Action Plan, with formal launch envisaged later this year.

Minister of Development Strategies and International Trade, Malik Samarawickrama led the Sri Lankan delegation to the meeting. The Council meeting was co-chaired by United States Trade Representative Michael Froman and Minister Samarawickrama.

US Trade Representative Ambassador Michael Froman said he hoped that the action plan to set forth a series of concrete and specific initiatives to strengthen Sri Lanka's trade and investment regime and mobilise more of the Sri Lankan population to participate in a trade-oriented economy. "Sri Lanka is in a new era of U.S.-Sri Lanka economic cooperation."

Ambassador Samantha Power said, "The US will seek to leverage its assistance this year to further support broad-based economic growth in Sri Lanka."

Samarawickrama said Sri Lanka's government hopes to stabilise the economy and implement a development strategy that is able to give its people sustained accelerated growth and a million jobs in the next five years. "We are determined to break out of the cycle of stop-go policies, which have characterised our past.We need to create a sustainable growth framework."

"Increased market access for Sri Lankan exports will be crucial for building a more prosperous, stable and peaceful Sri Lanka," he said.

During his visit to Washington, Minister Samarawickrama met several US investors and addressed a Business Roundtable Discussion hosted by the US Chamber of Commerce.He also met with several members of the US Congress, including Representatives David Price, Steve Chabot and Joe Crowley.

The Minister held a bilateral meeting with Ambassador Michael Froman, US Trade Representative at the Office of the US Trade Representative before the commencement of the US-Sri Lanka Trade and Investment Framework Council Meeting.