US technical assistance for Sri Lanka to improve ranking in Ease of Doing Business Index
The US has reportedly expressed willingness to assist Sri Lanka in several aspects including improving Sri Lanka’s rankings in the Ease of Doing Business Index at the 13th Joint Council Meeting (JCM) under the USA-Sri Lanka Trade and Investment Framework Agreement (TIFA).
The discussion had taken place on 19-20 June at Hotel Hilton, Colombo with the presence of a team of senior officials from the United States and a wide cross-section of Sri Lankan officials and private sector stakeholders.
Sri Lanka’s Development Strategies and International Trade Minister Malik Samarawickrama inaugurated the meeting, while Ministry Secretary S. T. Kodikara delivered the welcome address.
The TIFA session at the technical level was co-chaired by Acting Director General of Commerce Nimal Karunatilake and Assistant United States Trade Representative for South and Central Asia Christopher Wilson.
Following detailed deliberations, the US side had expressed willingness to offer their cooperation in providing technical assistance for capacity building and skill development in several areas, including improvement of Sri Lanka’s ranking in the “Ease of Doing Business Index”, digital economy sector development, Sri Lanka’s compliance with the WTO Trade Facilitation Agreement, economic empowerment of women and upgrading and supporting SMEs in certain selected sectors, establishment of a one-stop service centre and enabling environment for micro, small and medium enterprises (MSMEs), technology transfer in intellectual property rights and start-ups in technology driven companies.
The two delegations had engaged in a closer dialogue, covering a range of subject matters of mutual interest.
The discussions had also focused on areas such as market access, trade and investment policy reforms of Sri Lanka, trade facilitation, intellectual property rights, development and innovation in the digital economy, government procurement, environment and trade capacity building.
Accounting for over 12% of Sri Lanka’s total external trade, the USA continues to remain the largest single trading partner of the island, the local media has reported.
According to reports, with the two-way trade amounting to US$ 3,729 million, the year 2018 saw the highest-ever value of bilateral trade between the two countries.
The USA has also been ranked the largest single export destination for Sri Lanka and it absorbs over 25% of Sri Lanka’s total exports.
The value of Sri Lankan exports to the USA, which stood at US$ 3,083 million in 2018, is the highest recorded in their trading history.
Apparel products account for as much as 70% of total exports, while the rest of the products include solid tires, pneumatic rubber tires, rubber gloves, re-treaded or used pneumatic rubber tires, articles of vulcanised rubber, tea, fisheries products, cinnamon, activated carbon, precious stones etc.
OSL take:
The US-Lanka dialogue on US TIFA and the willingness expressed by the US to assist Sri Lanka improve its positioning in the Ease of Doing Business Index through technical support is indicative of the strong bilateral and trade ties between the two countries. US is Sri Lanka’s single largest export market with the potential of further expansions. US businesses could therefore confidently explore business/investment opportunities in Sri Lanka or even look at forming partnerships with local companies.
| Article Code : | VBS/AT/28062019/Z_6 |