July 29, Colombo (LNW): Continued dialogue is underway between Sri Lanka and the United States in an effort to secure further reductions in the tariff rates currently applied to Sri Lankan exports, Deputy Minister of Lands and Irrigation, Susil Ranasinghe revealed.
Speaking on the progress of negotiations, the Deputy Minister acknowledged that significant ground has already been covered, with the tariff—once standing at a steep 44 per cent—having been brought down to 30 per cent.
He attributed this achievement to the concerted efforts of the President, the Finance Minister, and the broader negotiating team working behind the scenes to protect Sri Lanka’s trade interests.
Ranasinghe confirmed that talks are still in progress with the intention of bringing this rate down even further, which he said would provide a considerable boost to exporters and improve the country’s competitiveness in the US market.
Highlighting a broader economic strategy, the Deputy Minister stated that efforts are also focused on addressing the trade imbalance between the two nations. He suggested that increasing Sri Lanka’s imports of crude oil from the United States could contribute to a more balanced trade profile, which in turn may strengthen Sri Lanka’s case for tariff relief.
He emphasised that such complex negotiations require more than economic calculations—they demand strong political will and foresight. According to Ranasinghe, the current leadership has demonstrated the resolve needed to pursue solutions in the national interest, even amid global economic headwinds.
The Deputy Minister further expressed optimism that a combination of strategic policy adjustments and ongoing diplomatic engagement will enable Sri Lanka to successfully navigate the challenges posed by international trade pressures.
