Sri Lanka has secured a reduction in US tariffs owing to reforms aimed at tackling corruption and improving the ease of doing business, Treasury Secretary Harshana Suriyapperuma said.
Speaking to the media in Colombo on Friday, Suriyapperuma said that the Trump-era import tariff on Sri Lankan goods had been successfully negotiated, down from 44% to 20% through a two-tiered process. “We’ve achieved our first objective of maintaining a competitive position with other exporting nations,” said Suriyapperuma, who led the negotiations on behalf of the Lankan government.
He said that Sri Lanka’s anti-corruption measures were instrumental in building trust and clearing the path for deeper economic cooperation. “Our efforts to reduce corruption and improve business conditions have gone a long way in helping bring the tariff down,” he said.
The Treasury Secretary said that Sri Lanka would facilitate increased imports from the United States to help reduce the bilateral trade deficit, and would continue to make it easier for American companies to operate in Sri Lanka.
While certain aspects of the ongoing discussions remain confidential due to non-disclosure agreements, Suriyapperuma said Sri Lanka had made the negotiating process as transparent as possible. “Sri Lanka is a net importer of energy. So wherever possible, within competitive parameters, we will look at how best to accommodate their requirements.” Final terms, including the use of quotas for oil imports, will be determined as negotiations progress.
