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Tuesday, 10 May 2016 00:27 - - {{hitsCtrl.values.hits}}
The American Chamber of Commerce (AmCham) Sri Lanka in a statement yesterday welcomed the easing of the International Traffic in Arms Regulations (ITAR) applicable to Sri Lanka which took effect from March 2008, making it US policy to deny licenses and other approvals to export or otherwise transfer defense articles and defense services to Sri Lanka.
The Regulations were subsequently amended in 2011 and 12 respectively granting exceptions for humanitarian de-mining, assistance for aerial and maritime surveillance, etc.
ITAR compliance has proved to be problematic for global US corporations including key players of the aviation sector amongst others as the strict regulatory licensing does not address commercial or research objectives.
Loss of global market-share is seen as the most significant impact that ITAR has had on US brands competing in the international market. This is due to the inability of industries affected by ITAR to effectively compete with increasingly capable international firms, paving the way for a surge in European commercial space activity and technical evolution. In addition, the cost of commercial financing for commercial products of US manufacture has been exorbitant due to perceived high political risk.
AmCham Sri Lanka actively engaged with the US Embassy in Colombo, the US Department of State and the Department of Commerce in Colombo in this regard.
