US, Sri Lanka bolster bilateral trade and investment relations at 14th TIFA Council Meeting
September 19, 2023 10:22 am
The United States and Sri Lanka have marked the 14th Trade and Investment Framework Agreement (TIFA) Council Meeting in Colombo on Monday (Sept. 18), solidifying their commitment to enhancing trade and investment relations.
The technical-level meeting was co-chaired by Mr. K.J. Weerasinghe, the Chief Negotiator of Office of International Trade, representing the Sri Lankan government and Mr. Brendan Lynch, the Acting Assistant United States Trade Representative for South and Central Asia.
It witnessed productive discussions on a wide range of crucial issues, the President’s Media Division (PMD) said.
Julie Chung, the U.S. Ambassador to Sri Lanka and Chandanie Wijayawardhana, the Acting Secretary to the President, have set the tone with their opening remarks, acknowledging the 75th anniversary of bilateral relations between the two nations.
During the TIFA Council meeting, both delegations addressed policies impacting the investment climate, recent labour reforms, intellectual property protection and enforcement, customs and trade facilitation, technical barriers to trade and market access for apparel, gem and jewellery and agricultural products.
The discussions also focused on collaboration and technical assistance in areas such as the digital economy, gem and jewellery industry, floriculture, boat building sectors and the Coconut Research Institute’s technology transfer and research commercialization, the PMD said further.
Transparency and efficiency in approving foreign direct investment (FDI) have been emphasized as key drivers of domestic economic growth and foreign investment attraction.
The United States underscored the importance of adopting robust anti-corruption measures and Sri Lanka provided updates on its proposed anticorruption legislation, seeking technical assistance and training from the U.S. government.
The Biden-Harris Administration’s commitment to workers’ rights was also highlighted and Sri Lanka outlined its ongoing labour law reform efforts.
The United States stressed the importance of consulting relevant stakeholders and ensuring public review and comment in the process. Sri Lanka detailed its procedures for labour law reforms, with the United States expressing readiness to support these efforts.
Both nations discussed the reduction of agricultural trade barriers to enhance food security in Sri Lanka. The United States advocated for greater market access for its exports of agricultural products, including animal feed. Biotechnology’s role in sustainable agriculture and food security was also explored.
Intellectual property (IP) protection and enforcement were affirmed as crucial for bilateral trade and innovation. Sri Lanka shared updates on its IP legislative reforms and the United States offered capacity building support.
The meeting concluded with both governments committing to making sustained progress on trade issues, looking ahead to the next TIFA Council Meeting scheduled for 2024. The fourteenth TIFA Council Meeting served as a testament to the United States and Sri Lanka’s dedication to strengthening their economic ties and fostering mutual prosperity.