Sri Lanka, Australia hold 3rd Joint Trade and Investment Committee Meeting

Monday, 24 July 2023 02:36 - - {{hitsCtrl.values.hits}}

The Third Joint Trade and Investment Committee Meeting (JTICM) under Sri Lanka – Australia Trade and Investment Framework Arrangement (TIFA) was held on 12 July at the Department of Commerce.

Ministry of Trade, Commerce and Food Security Secretary A.M.P.M.B Atapattu and Department of Foreign Affairs and Trade, Australia South and West Asia Division First Assistant Secretary Gary Cowan co-chaired the meeting.

Recognising that Sri Lanka – Australia Trade and Investment Framework Arrangement (TIFA) is an important platform for bilateral cooperation, both sides agreed to work together to strengthen trade and investment relations by exploring opportunities in the fields of Agriculture, Manufacturing, Power and Energy, Education, Tourism, IT and Mining.

Australia is the 11th exporting partner of Sri Lanka and the 5th source of tourist arrivals to Sri Lanka. The total trade turnover between Sri Lanka and Australia is $ 438.14 million and the key exports products are apparel, tea and tyres.

The Board of Investment of Sri Lanka briefed on the investment opportunities available in Sri Lanka for Australian Investors which was well received by the Australian side. Sri Lanka side was also keen to engage with Australian Authorities on projects related to education, tourism, and development of SME through the technical cooperation.

During the meeting, the Department of Commerce and the Central Bank highlighted the key policy interventions initiated to attain the long-term vision focusing on achieving sustainable economic growth in the country. It was envisaged that the economy was entering into a recovery path with the concerted efforts made by the Government, supported by the International Monetary Fund with the release of Extended Fund Facility. The Australian side acknowledged the progress made by Sri Lanka towards economic stability.

The two sides also discussed number of other areas for potential cooperation including addressing market access issues pertaining to certifications and quarantine issues and market access opportunities to diversify export markets and products. Both Parties endorsed the importance of continuing productive dialogues in the future in exploring business opportunities, more engagement with business community, resolving trade and investment related isuues and creating conducive environment to strengthen bilateral economic relations in the future.

Sri Lanka and Australia signed the Trade and Investment Framework Arrangement (TIFA) in November 2017 in Colombo with the perspective of enhancing and facilitating bilateral trade and investment relations between the two countries. The Sri Lanka- Australia Joint Commission (JC) on Trade and Investment was established under this arrangement (TIFA). The Bilateral Affairs Division of the Department of Commerce organised the meeting in partnership with the Australian High Commission in Colombo.