US-SL bilateral ties to firm up in May
Sri Lanka has become one of the first few countries from South Asia to engage in discussions with US authorities on the new tariffs with negotiations set to continue until a bilateral agreement is reached in May.
Sources indicated that during discussions with the US there had been a cordial meeting that had taken place on Tuesday when the Sri Lankan delegation met with the US Trade Department officials.
The meeting was scheduled with US State Trade Representative Ambassador Jamieson Greer in Washington.
During discussions the Sri Lankan authorities had put forward their proposals and indicated that they were willing to increase imports from the US and reduce para tariffs and the trade deficit, it was noted.
In a statement issued by the President’s office on Friday it was stated that the US State Representative Ambassador Greer had appreciated the proposals put forward by Sri Lanka and agreed to commence negotiations and reach an agreement soon “to ensure fair and equitable trade relations” between the two countries.
Sri Lanka had submitted their proposals to Ambassador Greer in their “prompt and positive commitment” to work with the US to reduce the trade deficit, lower tariff and non – tariff barriers.
Sri Lanka also highlighted the challenges that they faced in the past and the steps taken by the government to overcome future challenges and move towards full economic recovery.
Following this meeting the Sri Lankan delegation met with the USTR delegation lead by Assistant US Trade Representative, In-charge of South and Central Asia, Brendan Lynch along with Director In –charge of South Asia Emily Ashby to discuss further the offer made by Sri Lanka.
So far, the US has not indicated the tariffs they will impose on any countries with which they have already held negotiations with. Similarly, with Sri Lanka too negotiations are still underway and a bilateral agreement is likely to be entered into in May, according to sources.
The private sector was in consultation with the state and government officials that were engaged in discussions with the US. Following another round of discussions, Sri Lankan authorities believe they will be able to arrive at a favourable trade arrangement with the US.
At present Sri Lanka along with other countries except China, are facing a 10 per cent tariff in addition to the existing tariffs on exports to the US until July 8, a 90-day period as stipulated by the US.
Sri Lanka currently exports mainly apparel, rubber and tea to the US and imports a number of items that include agricultural products, pharmaceuticals, machinery and electronics.
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