June 28, Colombo (LNW): U.S. Ambassador Julie Chung emphasized the balance necessary for robust trade, stating, “The challenge lies in achieving an equilibrium between enabling smooth trade and ensuring robust security measures.
The United States works together with our partners to cultivate trading environments that support legitimate operations and restrict illegal activities, so that countries can not only foster economic growth but also develop that competitive edge within the global marketplace.”. she added
She was speaking at the launching ceremony of the first Sri Lanka Strategic Trade Forum which was organized US Embassy in Colombo, in partnership with the Sri Lanka Department of Import and Export Control.
This event brought together a diverse audience from government and the private sector to address critical aspects of trade security and explore the development of competitive practices for global trade hubs.
Following a welcome from Department of Import-Export Controller General T.T. Upulmalee Premathilaka, trade regulators from Malaysia, the Philippines and Singapore showcased their national strategies for overseeing the trade and transshipment of strategic items.
These items are any ‘dual use’ goods or technologies that can be used for both commercial and military applications and play a vital role in advancing innovation across various sectors, including software development, aviation, medicine, and sanitation.
The forum also featured insights from Singapore’s Centre for Trade Excellence and the U.S. Department of Commerce as well as Sri Lankan experts from CRDF Global, McLarens Maritime Academy, the Trade Finance Association of Bankers, and the Hub Operators Association.
These specialists provided valuable tips and strategies for establishing robust compliance practices to effectively navigate the complexities of a dynamic regulatory landscape.
The United States also emphasized the importance of both consulting with all relevant stakeholders in drafting labor legislation and providing adequate opportunities and time for public review and comment. In this regard, Sri Lanka elaborated on the procedures adopted in labor law reforms. The United States expressed its readiness to extend support in developing and implementing ongoing labor reforms.
The United States encouraged the reduction of agricultural trade barriers to bolster food security in Sri Lanka. The United States also advocated for greater market access for U.S. exports of various agricultural products, including input products such as animal feed to support demand in Sri Lanka’s domestic sector.
