Us Sri Lanka Trade Agreement

The two sides took positions in a number of areas such as market access and reform of Sri Lanka`s trade and investment regime, including compliance with the WTO Agreement on Trade Facilitation and Strengthening of Intellectual Property Rights and Enforcement, Promotion of Development and Innovation in the Digital Economy, public procurement and trade capacity building, with a focus on strengthening the economy Women. In order to demonstrate the comprehensiveness and fruitfulness of the meetings, delegations also made progress in discussions on some issues related to labour and the environment. In his opening remarks, U.S. Ambassador Michael Froman said that „this is our first significant opportunity to participate in trade and investment issues since last year`s presidential elections in Sri Lanka.“ He added: „With the Joint Action Plan we will announce today, we hope to advance a series of concrete and specific initiatives aimed at strengthening Sri Lanka`s trade and investment regime and mobilizing a larger share of the Sri Lankan people to participate in a trade-oriented economy.“ (Full declaration attached). The United States remains the top export destination for Sri Lankan products, accounting for about 26% of its exports. Sri Lanka`s exports to the United States showed an impressive growth of 43.7% in 2018 compared to 2011. According to the latest trade statistics, Sri Lanka`s exports to the United States amounted to $3.08 billion in 2018.