TIFA discussions end on positive note
An inter-sessional meeting of the U.S.-Sri Lanka Trade and Investment
Framework Agreement (TIFA) Council meeting was held on September 1 in
Colombo. The meeting was Co-Chaired by Minister of Development
Strategies and International Trade, Malik Samarawickrama and Assistant
US Trade Representative (AUSTR) for South and Central Asia, Michael J.
Delaney, representing the governments of Sri Lanka and the United States
of America.
US Ambassador to Sri Lanka, Atul Keshap and Department of Commerce
Assistant Secretary for Global Markets and Director General of the US
and Foreign Commercial Service Arun M. Kumar delivered opening remarks,
highlighting Sri Lanka government’s commitment to democracy,
accountability, human rights and economic reform while noting that there
was significant scope to expand on the existing trade and investment
relationship where the United States is the number one destination for
Sri Lankan exports.
Ambassador Keshap said that the United States, through a number of
ongoing assistance programs, seeks to further strengthen the strong
economic ties with Sri Lanka. AUSTR Delaney recalled USTR Ambassador
Michael Froman’s remarks during the April 28 U.S.-Sri Lanka TIFA Council
meeting, in which he noted that the concrete and specific initiatives
developed within the TIFA will strengthen Sri Lanka’s trade and
investment regime and mobilize more of the Sri Lankan population to
participate in a trade oriented economy.
Minister Samarawickrama outlined the reforms that Sri Lanka is
undertaking to improve the ease of doing business, facilitate greater
exports, increase regional integration, attract foreign direct
investment, and to support reconciliation.
He emphasized Sri Lanka’s interest in the establishment of
preferential trade programs such as Qualifying Industrial Zone (QIZ),
especially for the economic improvement of the Northern and Uva
Provinces in the country.
At the conclusion of the April 28 TIFA Council meeting, a US-Sri
Lanka Joint Action Plan to Increase External Trade and Investment was
adopted. Both sides affirmed their belief that the bilateral trade and
investment relationship has great potential that can be realized through
adoption of enabling measures jointly incorporated in the Plan.
This Action Plan would be implemented through a five year period
during which an Action Plan for the first year is already being
finalized. “We also discussed removing obstacles to trade and
investment.
“The two sides will work to finalize the implementation plan text in
the coming weeks,” said the Joint Statement on the US-Sri Lanka Trade
and Investment Framework (TIFA) Inter-Sessional Meeting. |