Sri Lanka (Commonwealth Union)_ The 14th Council Meeting of the Trade and Investment Framework Agreement (TIFA) between the United States and Sri Lanka aims to strengthen bilateral trade and investment relations, with twenty US delegates arriving in Colombo for the event. The meeting holds particular significance as it coincides with the 75th anniversary of diplomatic ties between the two nations. The USA serves as Sri Lanka’s largest export destination, lending added importance to this collaboration within the broader framework of the Sri Lankan government’s economic and trade policies. Following a four-year hiatus, this year’s council meeting covered a diverse array of contemporary issues, facilitating expanded cooperation between the two countries.
In pursuit of elevating their multifaceted relationship, both nations re-engaged on a spectrum of bilateral trade and investment matters, including policies impacting the investment climate, recent labor reforms, intellectual property protection and enforcement, customs and trade facilitation, as well as technical obstacles to trade and market access for industries such as apparel, gemstones, jewelry, and agricultural products. Against the backdrop of Sri Lanka’s economic challenges, this gathering is seen as a pivotal platform for forging fruitful partnerships and collaborations across various sectors. The development of Sri Lanka’s digital economy, gem and jewelry industry, floriculture sector, and boat-building industry are among the sectors that Sri Lanka aims to foster cooperation in.
Additionally, recognizing the technological advancements in the USA, the Coconut Research Institute propose technology transfers, particularly related to research commercialization. Delegations from both countries encompassed officials from corresponding agencies overseeing trade, investment, customs, labor, intellectual property, and agriculture sectors. Accordingly, the Sri Lankan delegation, led by Office for International Trade Chief Negotiator K.J. Weerasinghe, met with the US delegation, headed by Assistant US Trade Representative for South & Central Asia, Brendan Lynch.
The trade underscores the significance of this partnership; Sri Lanka’s exports to the US reached a record $3.3 billion in 2022, constituting 25.3% of the total. Over the period from 2018 to 2022, Sri Lankan exports to the US have ranged from a low of $2.5 billion in 2020 to a peak of $3.3 billion last year. In contrast, imports from the US in 2022 amounted to $378 million, accounting for 2.1% of the total, with the highest value in the past five years recorded at $542 million in 2019. The major event, the 14th Joint Council Meeting of TIFA between the USA and Sri Lanka, was proudly sponsored by the Kingsbury Hotel in Colombo, underscoring the significance of this momentous occasion.
