Friday Dec 13, 2024
Friday Dec 13, 2024
Wednesday, 28 March 2012 01:22 - - {{hitsCtrl.values.hits}}
In a progressive move, Sri Lanka and the US yesterday successfully concluded the 10th round of talks under the bilateral Trade and Investment Framework Agreement (TIFA).
Analysts described the talks and successful conclusion as a positive development as it was amidst continued political apprehension locally over the US-led resolution against Sri Lanka seeing successful passage at the UN Human Rights Council sessions in Geneva last week.
The Ministry of Industry and Commerce said yesterday that senior officials from the Governments of US and Sri Lanka met to continue their trade dialogue and evaluate progress under the 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 Ministry said.
The United States and Sri Lanka agreed to establish 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 two Governments also agreed to continue discussions on the possibility of establishing a Committee on Empowerment of Women Entrepreneurs.
Signed in 2002, the TIFA 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 United States with $ 2.4 billion in bilateral trade in 2011, though balance of trade favours Sri Lanka.
Sri Lanka’s exports to the United States were worth approximately $ 2 billion, demonstrating a growth of 20% over 2010. On the other hand, Sri Lanka is the 114th largest market for the US, with exports amounting to only $ 307 million though up by 71.7% from 2010.
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 International Labour Organization 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.
The US team will participate at the opening of Sri Lanka’s Expo 2012 today by President Mahinda Rajapaksa. This is the first exposition for Sri Lanka’s exporters and industries since 1997. There will be a number of events and programs focusing on US-Sri Lanka bilateral trade and investment issues, including an opening address on US-Sri Lanka trade and investment cooperation and a presentation on the US-GSP program for private sector participants at Expo2012.
