The US has stressed that there shall be no major change in its trade policy towards Sri Lanka in the aftermath of its new administration -and hinted on stronger economic relations in future based on the bedrock US-Sri Lanka.
The Trade and Investment Framework Agreement (TIFA) was inked in Washington in 2002, to which Colombo consented readily on September 18.
“It is tough to predict the future,” stressed the Washington DC based visiting new Assistant US Trade Representative South and Central Asian Affairs Office of the US Trade Representative Mark Linscott in Colombo.
Assistant US Trade Representative Linscott met with Sri Lankan Ministry of Industry and Commerce Team led by Secretary of Ministry of Industry and Commerce Chinthaka Lokuhetti representing Minister of Industry and Commerce Rishad Bathiudeen.
“It is tough to predict the future. The new US administration has a significant shift in change towards several of its trade agreements-mainly the Trans-Pacific Partnership trade deal; and there is a big focus on re-negotiating NAFTA as well as correcting our current trade deficits too,” said Assistant US Trade Representative Linscott, and added: “Despite this I am not expecting any significant changes in US’ bilateral trade with Sri Lanka or our Trade and Investment Framework Agreement (TIFA) with Sri Lanka.
“Being a hub in the region, this is a remarkably exciting time for Sri Lanka and we share the interest in working with Sri Lanka and exploiting its natural advantages for better trade.”
“We are looking to move on from the past and create a special (trade) plan for Sri Lanka on TIFA. A real example is using trade to increase economic growth. We too definitely want to see TIFA’s follow up on the progress achieved in Washington. I appreciate this frank exchange of ideas with the Ministry of Industry and Commerce in my first visit to Sri Lanka.”
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