‘Thankful to US support’

A major milestone in the historic US-Sri Lanka bilateral trade will be reached tomorrow September 01 when the Work Plan under U.S.-Sri Lanka Trade and Investment Framework (TIFA) goes into immediate effect after inked by both sides.

“I am here to complete the work-plan under US-Sri Lanka Joint Action Plan finalised on 28 April in Washington DC” said the visiting Assistant U.S. Trade Representative for South Asia, Michael J. Delaney on 31 August afternoon in Colombo.

The Visiting US Trade Representative Delaney was meeting the Sri Lankan government’s Industry and Commerce team headed by Minister of Industry and Commerce Rishad Bathiueen on 31 August at the Vauxhall Street offices of Ministry of Industry and Commerce. Minister Bathiudeen was joined by his Ministry Secretary TMKB Thennakoon, his Senior Advisor Himali JInadasa, DG Commerce Sonali Wijeratne and other top officials while US Representative Delaney was joined by his delegates from US and U.S. Ambassador to Sri Lanka and Maldives Atul Keshap.

On April 28, 2016 in Washington, DC the 12th U.S.-Sri Lanka Trade and Investment Framework (TIFA) Council meeting was held Co-chaired by United States Trade Representative Michael Froman and Sri Lanka Minister of Development Strategies and International Trade Malik Samarawickrama. With a goal of significantly increasing two-way trade and investment between the United States and Sri Lanka, the two governments adopted a U.S.-Sri Lanka Joint Action Plan to Boost Trade and Investment at the 28 April TIFA Council meeting. The Inter Sessional meeting of 12th TIFA Joint Council Meeting will be held in Colombo tomorrow 01 September joined by the visiting US Trade Representative Delaney.

“I am here to complete the work-plan under US-Sri Lanka Joint Action Plan finalised on 28 April in Washington DC” said US Trade Representative Delaney and added: “We are finalising the work-plan tomorrow 01 September in Colombo and it will go into effect immediately. As for bilateral trade between both countries, Sri Lanka can do much more. Tomorrow’s Work Plan will help to address chief impediments to better trade performance between US and Sri Lanka. We believe that once this work plan is implemented our trade will increase substantially. With the new government’s reform focus, we have a great opportunity. US tries to help and show support to Sri Lanka’s process of meaningful reconciliation as well. Sri Lankan apparels have showed strong performance, but we believe your apparel sector has much more unrealized potential and can grow way further.”

Minister Bathiudeen, responding to US representative Delaney thanked the people of US for its ongoing support to Sri Lanka. “I remember that even when I started as the Minister of Industry and Commerce way back in 2010, you continuously visited and met us and encouraged us!” said Minister Bathiudeen and added: “Your engagement has been a great strength to me, my Ministry and Sri Lanka in general. Our Ministry will continue to support ongoing U.S.-Sri Lanka Trade and Investment Framework (TIFA) efforts and readily help our International Trade Minister Malik Samarawickreme’s TIFA work. Tomorrow’s initiative will no doubt help boost our present bilateral trade and investment volumes.”

In 2015, total bilateral trade between the two countries stood at $3.3 Billion. According to the Department of Commerce of Sri Lanka US continues to be the largest single export market for Sri Lanka having absorbed 23% of Sri Lanka’s total exports. US-Sri Lanka bilateral trade jumped a whopping 33% in the five year period from 2011.