“I am here to complete the work-plan under US-Sri Lanka Joint Action Plan finalised on 28 April in Washington DC” said the visiting Assistant U.S. Trade Representative for South Asia, Michael J. Delaney on 31 August afternoon in Colombo.
The visiting US Trade Representative Delaney was meeting the Sri Lankan government’s Industry and Commerce team headed by Minister of Industry and Commerce Rishad Bathiueen on Wednesday 31 August in Colombo.
On April 28, 2016 in Washington, DC the 12th U.S.-Sri Lanka Trade and Investment Framework (TIFA) Council meeting was held Co-chaired by United States Trade Representative Michael Froman and Sri Lanka Minister of Development Strategies and International Trade Malik Samarawickrama.
With a goal of significantly increasing two-way trade and investment between the United States and Sri Lanka, the two governments adopted a U.S.-Sri Lanka Joint Action Plan to Boost Trade and Investment at the 28 April.
The Inter Sessional meeting of 12th TIFA Joint Council Meeting began in Colombo today Thursday 01 September joined by the visiting US Trade Representative Delaney.
US Trade Representative Delaney said : “We are finalising the work-plan in Colombo and it will go into effect immediately. As for bilateral trade between both countries, Sri Lanka can do much more. Work Plan will help to address chief impediments to better trade performance between US and Sri Lanka. We believe that once this work plan is implemented our trade will increase substantially. With the new government’s reform focus, we have a great opportunity. US tries to help and show support to Sri Lanka's process of meaningful reconciliation as well. Sri Lankan apparels have showed strong performance, but we believe your apparel sector has much more unrealized potential and can grow way further.”
In 2015, total bilateral trade between the two countries stood at $3.3 Billion. According to the Department of Commerce of Sri Lanka US continues to be the largest single export market for Sri Lanka having absorbed 23% of Sri Lanka’s total exports. US-Sri Lanka bilateral trade jumped a whopping 33% in the five year period from 2011.
