On October 17, 2014 the American and Ceylon Chambers of Commerce joined with the Ministry of Industry and Commerce to co-host a US-Sri Lanka Business Forum. The event took place in parallel with the 11th Trade and Investment Framework Agreement, known as TIFA, joint council meeting. Two business leaders, Anura Siriwardena, the Secretary from the Ministry, and Michael Delaney, the assistant US trade representative for Central and South Asia, spoke about expanding bilateral trade between their countries.
“Our TIFA meetings were cordial and productive,” said Delaney. “We were able to identify a number of ways we can deepen cooperation and boost two-way trade and investment.”
TIFA has created an opportunity for intensified discussions between the US and Sri Lanka, with a focus on seeking ways to reducing stumbling blocks to increased trade between the two countries as well as improving the investment climate. One of the main objectives of the TIFA Joint Council is to find ways to lower non-tariff trade barriers as well as minimizing regulatory impediments for foreign investors. TIFA is also seeking was to help potential investors and international partners to succeed in Sri Lanka.
“As in the past, it is our view that the TIFA process will continue to broaden and strengthen the bilateral relationship between the U.S. and Sri Lanka,” said Asanka Ratnayake, President of the American Chamber of Commerce. “We also hope it will continue to open avenues for exploring mutually beneficial business opportunities between our two countries.”