Monday, 22 February 2021 21:07

US explores ways to expand trade and investment with Sri Lanka Featured

The United States is ready to expand the trade and investment potential with SriLanka agreeing to explore modalities in increasing in products that could benefit from GSP facility .

This was one of the main out comes of a virtual meeting SL Ambassador Ravinatha Aryasinha with Ambassador Christopher Wilson, Assistant U.S. Trade Representative (USTR) for South and Central Asia in Washington recently.

They reviewed bilateral trade and investment relations between the two countries at thre meeting particularly focusing on the limited use of Sri Lankan exports to the US that benefited from the General System of Preferences (GSP) arrangement.

The two amabsaadors explore modalities to encourage an increase in products that could benefit from GSP.

As at 2019, while the USA ranked as the number one destination with a share of 27% of Sri Lanka’s exports, apparel ware which constitutes 75% of Sri Lanka’s exports to the US does not enjoy GSP.

Only 25% of Sri Lanka’s exports to the US benefited from US GSP. These include mainly rubber products, activated carbon and coir products.

The Ambassador and Minister (Commercial) Sumedha Ponnamperuma also discussed with Ambassador Wilson the timing for the convening of the 14th Session of the SL-US Trade and Investment Framework Agreement (TIFA) meeting and priorities to be addressed.

The last session was convened in Colombo in 2019, and the 14th Meeting of the Joint Council which was to be held in Washington DC in 2020, was postponed due to the pandemic situation.

 

 

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