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US – SRI LANKA ECONOMIC RELATIONS – (Trade, Investment & Tourism)
Trade and Investment Framework Agreement (TIFA) between Sri Lanka and the USA
The Trade and Investment Framework Agreement (TIFA), signed by Sri Lanka and the United States on 25 July 2002 in Washington, D.C., provides a framework for the two governments to maintain regular dialogue on areas of mutual interest.
The 14th U.S.-Sri Lanka Trade and Investment Framework Agreement (TIFA) Council Meeting was held in Sri Lanka on 18 September 2023.
During the meeting, the two sides held productive discussions on improving market access, enhancing the investment climate, and addressing trade barriers. The discussions also covered labor law reforms, anti-corruption measures, and the promotion of transparency and good governance. Both countries agreed to strengthen collaboration in technology transfer, the digital economy, floriculture, boat building, and coconut research, and to expand agricultural trade by facilitating U.S. export access and reducing Sri Lankan trade barriers. They reaffirmed their commitment to transparency, efficient foreign investment, and stakeholder participation.
The pre-discussion for the 15th Joint Council Meeting was held on 21 March 2024 at the Presidential Secretariat.
Bilateral Air Transport Agreement
The Bilateral Air Transport Agreement was signed on 11 June 2002 and entered into force on 18 November 2002. The Open Skies Agreement provides a legal framework for unrestricted capacity and frequencies for airlines of both countries, including liberalized code-sharing and charter arrangements. The agreement covers both passenger and cargo services and is expected to bring substantial economic benefits to air travellers, the business community, and Sri Lankan expatriates in the United States. It also provides for cooperation in air traffic security and safety between the two countries.
US-Sri Lanka Bilateral Trade Relations
The United States continues to be the single largest export destination for Sri Lankan products, accounting for 23.02% of Sri Lanka’s total exports in 2025. Over the past ten years, Sri Lanka’s exports to the United States have fluctuated, reaching a peak of US$ 3,291 million in 2022. According to the latest trade statistics, Sri Lanka’s exports to the United States amounted to US$ 2,999 million in 2025.
During the same year, imports from the United States totaled US$ 732 million, bringing the total bilateral trade turnover to US$ 3,731 million. The balance of trade remained in favor of Sri Lanka, amounting to US$ 2,266 million in 2025.
Sri Lanka’s trade with the US
|
Year |
from Sri Lanka (US$ million) |
Imports into Sri Lanka (US$ million) |
Balance of Trade (US$ million) |
|
2015 |
2,800 |
471 |
2,330 |
|
2016 |
2,810 |
540 |
2,270 |
|
2017 |
2,912 |
811 |
2,101 |
|
2018 |
3,084 |
645 |
2,438 |
|
2019 |
3,141 |
549 |
2,592 |
|
2020 |
2,499 |
495 |
2,004 |
|
2021 |
3,071 |
528 |
2,543 |
|
2022 |
3,291 |
392 |
2,900 |
|
2023 |
2,762 |
505 |
2,257 |
|
2024 |
2,910 |
443 |
2,467 |
|
2025 |
2,999 |
732 |
2,266 |
Source: Sri Lanka Customs
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FOREIGN TRADE POLICY Following the trade liberalization initiatives introduced as far back as the late 1970s and continued by all successive governments to date, Sri Lanka is currently known to be the most liberalized economy in the entire region of South Asia. Series of unilateral measures implemented over the years have resulted in rationalization and simplification of the country's tariff structure to a large extent.
The foreign trade policy, which continues with the process of further liberalization of the country's current trade regime, aims at integrating Sri Lanka with the global economy within the positive attributes of free-market economy while holding in balance the interests of the domestic industry through specific measures.
Today, tariffs and other border levies act as the key tools for regulating the foreign trade regime of Sri Lanka, while there are hardly any barriers or impediments such as licensing and quotas on either imports or exports. The tariff policy of the government aims at providing a transparent and predictable framework for all stakeholders in the foreign trade sector.
Sri Lanka's present tariff structure range from zero to 30% under a three-band tariff structure with rates being 0%, 15%, and 30%.
Essential goods & Basic raw materials 0.0% Intermediate products 15.0% Other finished products 30.0%
As a result of the economic difficulties encountered during the ongoing pandemic situation, Sri Lanka has introduced some temporary measures to control imports until the situation becomes to the normal level.
Sri Lanka has granted preferential tariff benefits to a wide range of products imported under the following trade agreements/arrangements.
Indo-Sri Lanka Free Trade Agreement (ISFTA)
Pakistan-Sri Lanka Free Trade Agreement (PSFTA)
South Asian Free Trade Area (SAFTA)
Asia-Pacific Trade Agreement (APTA) - formerly known as Bangkok Agreement.
Being a pioneer member of the GATT and the WTO, Sri Lanka remains fully committed towards pursuing a rule-based multilateral trading system that will ensure a transparent and predictable trading environment to the international business community.
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Ms. Dexter and Mr. Simrany auctioning the drawing created by Boston
surrealist artist Julian
The Embassy is pleased to post on its website the following pages of the 2008 Summer issue of the "Tea"- A Magazine, which carries an article on the first ever Ceylon tea auction, held on the US soil. All proceeds from the auction were donated to a Tsunami related charity in Sri Lanka.
Click here to read
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The Ceylon Chamber of Commerce in association with the Ministry of Foreign Affairs and other relevant organizations is organizing the Sri Lanka Investment and Business Conclave 2017 in Colombo from 30th May – 01st June 2017.
Read more: Sri Lanka Investment and Business Conclave 2017: Growth Through Partnerships
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| Name | Title | Company |
| Peter Barcha | Vice President | Aurora Associates International |
| William E. Beckner | Executive Vice President | PDI Program Development International, LLC |
| Dr. Herbert Davis | South Asia Affairs | U.S. Chamber of Commerce |
| Gad Demry | Senior Vice President for Production | Gloria Vanderbilt |
| Jack W. Gehring | Manager International Div. | Caterpillar Inc |
| Angela Hoffmann | Director of International Trade - National Government Relations | Wal Mart |
| Sanjay Kumar | Chairman & CEO | Computer Associates International Inc |
| Lance Graef | Vice President for Trade and Investment | Nathan Associates |
| Uri Litvak | Univeslanka Corporation | |
| Ana Claudia Lopez | South Asia Affairs | U.S. Chamber of Commerce |
| David Merill | Senior Vice President | Nathan Associates |
| Karen Muir | Asst. Vice President-Program Coordination | International Executive Service Corps |
| Kikko Okajima Murray | Vice President-Asia Pacific Region | Riggs Bank N.A. |
| Luiz Olveira | South Asia Affairs | U.S. Chamber of Commerce |
| Garry Pigg | Director - Business Development | IMC Global Inc. |
| Joseph Ratnayake | CEO | Akxel Corporation |
| Mark J. Riedy | Partner | Pillsbury Winthrop, LLP |
| Andrew J. Samet | Of. Counsel | Sandler, Travis & Rosenberg, P.A. |
| Dr. Mark J. Simpson | South Asia Affairs | U.S. Chamber of Commerce |
| Tony Weeresinghe | CEO/Managing Director | Millennium, Information Technologies |
| Aram Zamgochian | South Asia Affairs | U.S. Chamber of Commerce |
