- Details
- Written by Super User
- Category: Trade (CMigrator copy 1)
- Hits: 23720
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 the USA and Sri Lanka on 25th July 2002 in Washington DC, provides an ideal platform for the two Governments to maintain a closer dialogue on a number of areas/fields that are of mutual interest to them.
The Joint Council, formed under the TIFA, had held thirteen (13) meetings by 2019. The 13th Council meeting was Co-chaired by Hon. Malik Samarawickrama, Minister of Development Strategies and International Trade of Sri Lanka, and Mr. Christopher S. Wilson, Assistant United States Trade Representative, South and Central Asian Affairs of the office of the United States Trade Representative. The 13th US-Sri Lanka Trade and Investment Framework Agreement (TIFA) Council Meeting held on 19th, and 20th June 2019 in Colombo agreed to take a number of actions to boost bilateral trade and investment.
The two sides had productive engagement on a number of areas such as market access and reforming of Sri Lanka's trade and investment regime, including her compliance with the WTO Agreement on Trade Facilitation and strengthening of intellectual property rights and effective enforcement, encouraging development and innovation in the digital economy, government procurement, and trade capacity building with an emphasis on the economic empowerment of women. In a showing of the comprehensive and fruitful nature of the meetings, the delegations also made progress in discussions on certain labor and environmental concerns too.
At the conclusion of the meeting, both delegations assessed the results of their engagement as a significant step forward in increasing bilateral trade and investment opportunities between the two countries.
The 14th U.S. - Sri Lanka Trade and Investment Framework Agreement (TIFA) Council Meeting was scheduled to be held in Washington DC in 2020 but postponed due to the ongoing pandemic situation. Both countries are considering to hold the meeting in virtually during 2021.
US-Sri Lanka Bilateral Trade Relations
The U.S. continues to be the single largest export destination for Sri Lankan products, with approximately 27% of its exports. Sri Lanka's exports to the U.S. demonstrated an impressive growth of approximately 47% in 2019 compared to 2011. According to the latest trade statistics, Sri Lanka's exports to the U.S. amounted to the U.S. $ 3.1 Billion in 2019.
Total Imports to Sri Lanka from the U.S. in 2019 were U.S. $ 548.83 million, while total trade turnover between Sri Lanka and the U.S. remained at an all-time high of U.S. $ 3.7 billion. The balance of trade is in Sri Lanka's favor amounting to U.S. $ 2.5 billion.
Sri Lanka’s trade with the US
Year Exports from Sri Lanka Imports into Sri Lanka Balance of Trade
US $ Million US $ Million US $ Million
2010 1,765 178 1,597
2011 2,145 307 1,860
2012 2,114 224 1,880
2013 2,497 353 2,144
2014 2,720 493 2,228
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
Source: Sri Lanka Customs
- Details
- Written by Super User
- Category: Trade (CMigrator copy 1)
- Hits: 26391
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.
- Details
- Written by Super User
- Category: Trade (CMigrator copy 1)
- Hits: 3364
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
- Details
- Written by Super User
- Category: Trade (CMigrator copy 1)
- Hits: 3658
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
- Details
- Written by Super User
- Category: Trade (CMigrator copy 1)
- Hits: 3298
| 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 |
