US-Sri Lanka Trade and Investment Framework Council adopts action plan to boost bilateral trade
View(s):Minister of Development Strategies and International Trade Malik Samarawickrama led the Sri Lanka delegation to the 12th US-Sri Lanka Trade and Investment Framework Agreement (TIFA) Council Meeting in Washington which adopted a ‘path-breaking- action plan to boost bilateral trade and investment. The council meeting was co-chaired by United States Trade Representative Michael Froman and Minister Samarawickrama, according to a Ministry media release. US Permanent Representative to the United Nations Ambassador Samantha Power participated as well, encouraging the Sri Lankan government to continue its vital progress on democracy, accountability, and human rights. Ambassador Froman noted that the election outcome has ushered in a new era of U.S.-Sri Lanka economic cooperation.
Ambassador Froman in his opening remarks stated that “it is our first significant opportunity for engagement on trade and investment issues since the Sri Lankan presidential election last year.” And he further stated “With the Joint Action Plan that we will announce today, we hope to set forth a series of concrete and specific initiatives to strengthen Sri Lanka’s trade and investment regime and mobilize more of the Sri Lankan population to participate in a trade-oriented economy.” The release said that Ambassador Power speaking at the Inaugural Session stated “As part of its determination to deal with abuses of the past, the (Sri Lanka) government had committed to justice and reconciliation processes which will serve all Sri Lankans.
I have never seen a country take such swift strides in such little time.” And she emphasized that “The United States we will seek to leverage our assistance this year to further support broad-based economic growth.” Minister Samarawickrama, among other issues, highlighted that the “government is seeking to stabilize the economy and implement a development strategy that is capable of giving our people sustained accelerated growth and a million jobs in the next five years. We are determined to break out of the cycle of stop-go policies, which have characterized our past. For this, we need to create a sustainable growth framework.” He also noted that increased market access for Sri Lankan exports will be crucial for building a more prosperous, stable and peaceful Sri Lanka.
At the conclusion of the meeting, both governments pledged their commitment to deepening their engagement over the coming months in order to develop a detailed implementation plan for the Action Plan, with formal launch envisaged later this year. The Sri Lankan delegation included Secretary to the Ministry of Labour and Trade Union Relations Gotabaya Jayaratne; Head – Agency for International Trade Dr. Saman Kelegama; Director General of Commerce Sonali Wijeratne; Director General of the Board of Investment of Sri Lanka Duminda Ariyasinghe; Senior Assistant Secretary of the Ministry of Labour and Trade Union Relations A. Wimalaweera; Asst. Legal Advisor of the Ministry of Foreign Affairs Tilani Silva and Minister/Commercial of the Embassy of Sri Lanka Bandula Somasiri.