Former Ambassador Mahinda Samarasinghe yesterday called for an early conclusion of the bilateral agreement with the United States on the new tariff regime so as to safeguard the former’s interests in terms of crucial exports and future investments.
Delivering the keynote at the Sri Lanka Institute of Directors (SLID) Annual Members Meeting under the Chairmanship of Dinesh Weerakkody at the Cinnamon Grand, Samarasinghe who was Sri Lanka’s envoy to the US, said that the US accounts for 25% of exports and protecting it was of vital importance.
He said that due to successful negotiations and goodwill of the US, Sri Lanka was able to reduce the planned new tariff from a high of 44% to 33% and 10% progressively.
‘This is not the end of the game. Negotiations are still taking place between Sri Lanka and the US to finalise the trade agreement,’ he said at the SLID forum at which Chief Guest was Secretary to the Prime Minister G. Pradeep Saputhanthri and Guest of Honour was Ambassador Extraordinary and Plenipotentiary of the Republic of Indonesia to Sri Lanka and Diplomatic Corps in Sri Lanka Dean Dewi Gustina Tobing.
‘We have finished 90% of the content of the agreement as I speak to you today, and of course, once we agree in principle to the content, we have to then embark on the domestic processes that are needed to give effect. Finally, to the legal effect, to come into action for signing it and then starting to implement the agreement,’ he added.
‘I have recommended very strongly to the Government that we need to conclude the agreement so that we can lock in the very favourable tariff rate that Sri Lanka has got up to now, and Government is committed to sorting out whatever differences that are there to give and take, and come to that agreement, so that there is some reliability, some assurance that can be given to domestic exporters that that market opportunity is available not only today but as we move forward,’ said Samarasinghe who ended his stint at Sri Lanka’s Ambassador to the US recently.
‘The bottom line on all these negotiations was that every country that finally agreed to sign the agreement had to give either complete duty-free access for American exports into those markets, or near complete duty-free access. Many countries who have signed the agreement have given complete access,’ he added.
He also said that the US has been a friend of Sri Lanka over the years unconditionally and genuinely which must be recognised.