Sri Lanka pushes for early closure of US GSP review

External Affairs Minister G.L. Peiris, who is in the US, on Thursday met with Deputy United States Trade Representative Ambassador Demetrios Marantis and took part in an extensive discussion on trade and the economy.

He also pressed Ambassador Marantis for early closure of a review of the Generalised System of Preferences (GSP) for trade that exists between the US and Sri Lanka.

Minister Peiris briefed Ambassador Marantis on a range of political and economic developments in Sri Lanka that are designed to both create more investment opportunities for US companies, as well as bolster ongoing reconciliation measures following Sri Lanka’s 26-year-long war against terrorism.

Minister Peiris highlighted Sri Lanka’s steady economic growth in recent years amid a global slowdown, with an 8.3 % GDP in 2011.

Minister Peiris also noted that growing prosperity in Sri Lanka would create enormous opportunities for US investors, and he expressed his appreciation to the US private sector for placing confidence in Sri Lanka by committing a number of large-scale investments, especially in the fast-growing tourism and financial sectors.

The US was the largest single buyer of Sri Lankan goods in 2011, taking nearly 22 % of total exports worth $ 2.15 billion.

Ambassador Marantis, while welcoming Minster Peiris and the Sri Lankan delegation, expressed appreciation for the notable progress made by Sri Lanka in number of areas, including the matters concerning the Lanka-US GSP review.

“At the USTR, we are extremely happy to see the level of commitment from the Sri Lankan side,” Ambassador Marantis said. “We are hopeful that soon after the US inter-agency consultation process, the final decision will be made available.  We remain very positive.”

During his official Washington visit, Minister Peiris also attended a reception with senior officials from the US Department of State, Commerce, Defence, the US Trade Representatives’ Office and Congress, as well as business leaders, at the Sri Lankan Ambassador’s residence.

Accompanying Minister Peiris in the talks was a delegation of Sri Lankan Government officials, including Environment Minister Anura Piyadhashana Yapa, Monitoring MP of External Affairs Sajin de Vass Gunawardena, Secretary to the President Lalith Weeratunga, Sri Lankan Ambassador to the US Jaliya Wickramasuriya, Additional Secretary/External Affairs Kshenuka Senewiratne and Deputy Chief of Mission of the Sri Lankan Embassy in the US Esala Weerakoon.