Geneva overshadowed as Colombo hosts SL-US TIFA talks

Wednesday, 28 March 2012 01:24 - - {{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.