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Thursday, 9 October 2014 00:00 - - {{hitsCtrl.values.hits}}
By Shabiya Ali Ahlam
Economic ties between Sri Lanka and the United States will get a boost next week when the two countries meet in Colombo for official levels talks on trade and investments.
The fresh engagement is the 11th US-Sri Lanka Trade and Investment Framework Agreement (TIFA) talks scheduled for 14-15 October. The last dialogue took place in 2012 with no talks last year under the bilateral TIFA which was established in 2002. A team of senior level officials from Washington led by Assistant US Trade Representative for South Asia Michael J. Delaney will be in Colombo for talks hosted by Industry and Commerce Minister Rishad Bathiudeen. The Sri Lankan officials’ team will be led by Ministry Secretary Anura Siriwardena.
A delegation of US private sector will be in town as well to hold a business forum and dialogue at the Ceylon Chamber of Commerce on 16 October.
Sri Lanka’s Ambassador in the US Prasad Kariyawasam told the Daily FT that the upcoming talks were significant. “The TIFA discussion is taking place at a very important time when Sri Lanka is looking forward to deepen and broaden relations with the US,” he said. “We are looking forward to fruitful discussions,” he added. He said measures to boost bilateral trade and promote more US investments will be discussed during the talks.
TIFA is the basis for bilateral economic ties with the US and the fresh round of talks also come hot on the heels of President Mahinda Rajapaksa meeting US Secretary of State John Kerry in New York City last week on the sidelines of the UN sessions apart from an audience with President Barak Obama.
The US has identified infrastructure, energy, BPO/IT, healthcare, fisheries, tourism and leisure, manufacturing, processed food and education as sectors with high potential for American interests.
US-Sri Lanka bilateral trade reached an all-time high last year at $ 2.8 billion. Sri Lankan exports to the US in 2013 were up 9% to $ 2.5 billion and imports from US were only $ 312 million, reflecting the huge imbalance in bilateral trade.
US Ambassador for Sri Lanka and Maldives Michele J. Sison commenting on the significance of the event said: “The US Government strongly supports initiatives that harness the regional strength of the SAARC countries and the upcoming TIFA talks is indeed an important landmark.”
“While a number of issues will be on the table for discussion, it will be important to listen to the business people from the US companies as they are stakeholders. It is essential that the private sector plays a leading role in this regard,” she added.
Expressing her views at the US Trade Show 2014 held recently in Colombo the Ambassador Sison shared that the visiting delegation will discuss with the Government key issues such as reducing non-tariff trade barriers, improvements in regulatory regimes and the development of transparent and efficient order clearance procedures.
The upcoming US delegation which includes officials from the US Department of Labour, State Department as well as United States Patent and Trademark Office, will also pay a courtesy call on Minister of External Affairs Prof. G.L. Peiris and Economic Development Minister Basil Rajapaksa.
Delaney, who has been AUSTR since September 2008 and is in charge of India, Afghanistan, Pakistan, Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka as well as Iraq, will also give a public lecture on the role of economic development fostering solidarity on 17 October at the Lakshman Kadirgamar Institute of International Relations and Strategic Studies.
The last US-SL TIFA talks was held in March 2012 where officials from both countries discusses a wide range of trade and investment issues including market access, the US-GSP, labour, trade promotion efforts, intellectual property rights, agriculture, promoting women entrepreneurs and sector-specific investment challenges.
Signed in 2002, the TIFA has been the primary forum for bilateral trade and investment discussions between the two countries. The TIFA process has been the focal point of a sustained and multi-faceted high-level engagement between the US and Sri Lanka on trade and investment issues, including addressing impediments to greater trade and investment flows between the two nations.
