US and Sri Lanka trade officials discussed labor reform and agricultural market access at the 14th meeting of the bilateral Trade and Investment Framework Agreement Council meeting in Colombo.
At the meeting, officials from both countries re-engaged on a wide range of bilateral trade and investment-related issues, including policies impacting the investment climate, recent labor reforms, intellectual property protection and enforcement, customs and trade facilitation, technical barriers to trade and market access for apparel, gem and jewelry and agricultural products.
They also discussed collaboration and technical assistance related to the development of the digital economy, the gem and jewelry industry, floriculture, boat building sectors and the Coconut Research Institute’s technology transfer and research commercialization.
The two sides acknowledged that improving transparency and efficiency in approving foreign direct investment in Sri Lanka and the implementation of robust anti-corruption measures are instrumental in supporting domestic economic growth and attracting foreign direct investment, according to a joint statement.
The United States emphasized the importance of adopting robust anti-corruption measures to ensure accountability and promote transparency within Sri Lanka. In turn, Sri Lanka officials
provided updates on their recently proposed anti-corruption legislation and requested technical assistance and training from the US government to combat bribery and other forms of corruption.
Worker Rights
US officials stressed that a top priority for the Administration is working with trading partners to support workers’ rights. Sri Lanka officials briefed on the ongoing process to reform its existing
labor laws and Sri Lanka’s progress towards aligning with that of internationally recognized labor standards.
The United States also emphasized the importance of both consulting with all relevant stakeholders in drafting labor legislation and providing adequate opportunities and time for
public review and comment. In this regard, Sri Lanka elaborated on the procedures adopted in labor law reforms. The United States expressed its readiness to extend support in developing and implementing ongoing labor reforms.
US officials encouraged the reduction of agricultural trade barriers to bolster food security in Sri Lanka. Washington also called for greater market access for US exports of various agricultural products, including input products such as animal feed to support demand in Sri Lanka’s domestic sector. The United States and Sri Lanka discussed the benefits of advancing the use of biotechnology to promote sustainable agriculture and improve food security.
Sri Lanka highlighted market access for high-value and value-added agricultural products of Sri Lanka, such as organic spices and concentrates, as well as extending Generalized System of Preferences benefits to apparel, textiles and leather products, which will benefit Sri Lankan exporters as well as US consumers.
Both countries affirmed the importance of intellectual property protection and enforcement as a means to promote both bilateral trade and innovation. Sri Lanka provided updates on its amendments to its IP Act and other IP legislation. The United States offered to provide capacity building.
Both governments agreed to strive to make sustained progress on trade issues in advance of the next TIFA Council Meeting to be held in 2024.
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