US Trade Rep says no change in GSP review anytime soon, but gives a ray of hope

“I am happy that US companies have shown greater interest in partnership with Sri Lankan private sector after the US -Sri Lanka business forum held in October 2010. This was evident when the high level delegation of top US companies visited Sri Lanka in the latter part of March this year” said Rishad Bathiudeen, Minister of Industry and Commerce on Tuesday, 26 April 2011. 

Minister Bathiudeen was briefing Michael Delaney, the visiting Asst. US Trade Representative for Central & South Asia, for whom a special luncheon was hosted in Colombo by Minister Rishad Bathiudeen.

Responding to a query by Minister Bathiudeen, Delany revealed that no change could be expected on Sri Lanka’s GSP status in the immediate future. However, he said: “The GSP review is also much dependent on the US Senate’s Finance Committee and if permitted after their review, even benefits Sri Lanka lost during suspension could be paid back on a retroactive basis.”  

In the latter part of March, a high level US business delegation comprising over a dozen US companies visited Sri Lanka. Among the delegation were representatives from Boeing, Caterpillar, John Deer, AGL Partners, Venture Global, AECOM, Program Rail Service EMD, Burson Marsteller, Coca Cola and ASBI Corporation. The companies were exploring opportunities for investments and businesses in infrastructure sectors such as air transportation, roads, railway, as well as IT, renewable energy, communication, and real estate.

Also taking part in the discussions were Tilak Collure (Secretary-Industry and Commerce) and Acting Director General, Department of Commerce of Sri Lanka, Bandula Somasiri.