Australia, Sri Lanka renew Trade and Investment Framework Arrangement

Friday, 13 October 2023 01:46 - - {{hitsCtrl.values.hits}}

Australian High Commissioner Paul Stephens and Sri Lanka Trade, Commerce and Food Security Ministry Secretary A.M.P.M.B. Atapattu exchange the agreement signed yesterday in the presence of Australia’s Assistant Minister of Foreign Affairs Tim Watts and Sri Lanka’s Minister of Trade, Commerce and Food Security Nalin Fernando

A renewed Trade and Investment Framework Arrangement (TIFA) was signed yesterday between Australia and Sri Lanka.

The TIFA will promote stronger trade and investment relations between Australia and Sri Lanka across a range of sectors including education, tourism, agriculture, and mining. It will contribute to Sri Lanka’s economic stabilisation by boosting cooperation in these areas, improving market access, as well as exploring emerging sectors such as clean energy, critical minerals and services.

The renewed TIFA will further build on efforts already underway since the TIFA was first signed between our countries in 2017.

Australia’s Assistant Minister of Foreign Affairs Tim Watts said: “The renewed Trade and Investment Framework Arrangement reaffirms our commitment to find economic and trade opportunities for Australian and Sri Lankan businesses while supporting Sri Lanka’s economic recovery, and I look forward to growing our economic links”.