By: Staff Writer
Colombo (LNW): Twenty delegates from the USA have arrived in Sri Lanka to participate in the 14th Council Meeting of the Trade and Investment Framework Agreement (TIFA) between the two countries, which was held in Colombo ton September18.
The event was extra special for the two countries as it coincides with the 75th anniversary of bilateral relations between the two nations.
The USA is the largest export destination, on a country basis. Further, in the context of the broad policy perspective of the Government on economic and trade relations, this collaboration is of great importance.
Previous to this, it was in 2019 that Sri Lanka hosted the 13th Council meeting of TIFA between the USA and Sri Lanka which was signed in 2002.
After a hiatus of 4 years, this year the council meeting has covered a wide range of contemporary important areas leading to enhanced collaboration between the two nations.
Furthering the flourished friendship between the two countries into a more dynamic and multifaceted relationship, both countries re-engaged on a wide variety of bilateral trade and investment-related issues.
Given the constrained economic situation, officials said Sri Lanka looks forward to making this a platform to build more fruitful partnerships and collaborations with this leading economy in identified multiple sectors.
Development of the country’s digital economy, gem and jewellery industry, floriculture industry, and boat building industry are a few such sectors that Sri Lanka wishes to have such cooperation efforts in.
Moreover, recognising the technological advancement that the USA possesses in contrast to that in Sri Lanka, Coconut Research Institute anticipates proposing a technology transfer from the USA especially in relation to their research commercialisation.
Delegations will include officials from corresponding agencies in the two countries in trade, investment, customs, labour, intellectual property, and agriculture sectors.
The Sri Lankan delegation will be headed by the Office for International Trade Chief Negotiator, K.J. Weerasinghe and the US delegation is led by Assistant US Trade Representative for South & Central Asia Brendan Lynch.
Sri Lanka’s exports to the US in 2022 amounted to a record $ 3.3 billion accounting for 25.3% of the total. Between 2018 and 2022, exports to the US have been ranging between a low of $ 2.5 billion (2020) and $ 3.3 billion last year.
Imports from the US in 2022 were $ 378 million or 2.1% of the total. The highest value in the past five years was $ 542 million in 2019.