Australia and Sri Lanka renew Trade and Investment Framework Arrangement
The Morning: A renewed Trade and Investment Framework Arrangement (TIFA) was signed on 11 October between Australia and Sri Lanka, stated the Australian High Commission in Colombo issuing a media release.
Australia’s Assistant Minister of Foreign Affairs Tim Watts witnessed the signing on Wednesday in Colombo.
Tim Watts said: “The renewed Trade and Investment Framework Arrangement reaffirms our commitment to find economic and trade opportunities for Australian and Sri Lankan businesses while supporting Sri Lanka’s economic recovery, and I look forward to growing our economic links.”
The TIFA will promote stronger trade and investment relations between our countries across a range of sectors including education, tourism, agriculture, and mining. It will contribute to Sri Lanka’s economic stabilization by boosting cooperation in these areas, improving market access, as well as exploring emerging sectors such as clean energy, critical minerals, and services.
The renewed TIFA will further build on efforts already underway since the TIFA was first signed between our countries in 2017.
OSL take:
Sri Lanka and Australia share strong bilateral and trade ties that have been further strengthened by the TIFA signed this month. As pointed by Australia, the framework would help Australian businesses find trade and investment opportunities in Sri Lanka and vice versa. Sri Lanka’s ongoing economic activities have expanded the business/investment opportunities in the country. These opportunities are bound to expand further with Sri Lanka working towards becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as trade concessions enjoyed by the country. Given the growth and business potential in Sri Lanka, foreign businesses/investors could explore the expanding opportunities in the country. Australian businesses could also look at forming partnerships or joint ventures with local businesses with the aim of further expansion.
| Article Code : | VBS/AT/20231023/Z_5 |