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14th TIFA Council Meeting held in Colombo

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The United States and Sri Lanka marked the fourteenth Trade and Investment Framework Agreement (TIFA) Council Meeting in Colombo today (18), solidifying their commitment to enhancing trade and investment relations. The technical level meeting, co-chaired by Mr. K.J. Weerasinghe of the Government of Sri Lanka and Mr. Brendan Lynch, Acting Assistant United States Trade Representative for South and Central Asia, witnessed productive discussions on a wide range of crucial issues.

Her Excellency Julie Chung, U.S. Ambassador to Sri Lanka and Mrs. Chandanie Wijayawardhana, Acting Secretary to the President, set the tone with their opening remarks, acknowledging the 75th anniversary of bilateral relations between the two nations.

During the TIFA Council meeting, both delegations addressed policies impacting the investment climate, recent labour reforms, intellectual property protection and enforcement, customs and trade facilitation, technical barriers to trade and market access for apparel, gem and jewellery and agricultural products. The discussions also extended to collaboration and technical assistance in areas such as the digital economy, gem and jewellery industry, floriculture, boat building sectors and the Coconut Research Institute’s technology transfer and research commercialization.

Transparency and efficiency in approving foreign direct investment (FDI) were emphasized as key drivers of domestic economic growth and foreign investment attraction. The United States underscored the importance of adopting robust anti-corruption measures and Sri Lanka provided updates on its proposed anticorruption legislation, seeking technical assistance and training from the U.S. government.

The Biden-Harris Administration’s commitment to workers’ rights was highlighted and Sri Lanka outlined its ongoing labour law reform efforts. The United States stressed the importance of consulting relevant stakeholders and ensuring public review and comment in the process. Sri Lanka detailed its procedures for labour law reforms, with the United States expressing readiness to support these efforts.

Both nations discussed the reduction of agricultural trade barriers to enhance food security in Sri Lanka. The United States advocated for greater market access for U.S. exports of agricultural products, including animal feed. Biotechnology’s role in sustainable agriculture and food security was also explored.

Intellectual property (IP) protection and enforcement were affirmed as crucial for bilateral trade and innovation. Sri Lanka shared updates on its IP legislative reforms and the United States offered capacity building support.

The meeting concluded with both governments committing to making sustained progress on trade issues, looking ahead to the next TIFA Council Meeting scheduled for 2024. The fourteenth TIFA Council Meeting served as a testament to the United States and Sri Lanka’s dedication to strengthening their economic ties and fostering mutual prosperity.

(President’s Media Division)

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Committee report on ministerial residences submitted

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The committee appointed to examine the utilization of ministerial residences for alternative purposes has submitted its report to the Presidential Secretariat.

Minister of Public Administration, Prof. Chandana Abayarathna said that a decision regarding these official residences will be made in due course.

A five-member committee was recently appointed to study the possibility of using these ministerial residences for economic purposes and report on that matter.

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Customs seizes 3 containers linked to organized crime gang

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Sri Lanka Customs has seized three shipping containers imported by an organized crime gang under false declarations.

The consignment from Dubai is said to be worth over Rs.120 million, and contains a large stock of goods including food items such as turmeric, ginger, coffee, chocolates, cashew nuts as well as cosmetic products, soap and clothing.

The containers were discovered at a private cargo clearance facility in Dematagoda, Colombo.

A team of officials, including Director General of SL Customs – Sarath Nonis as well as Customs Media Spokesman and Additional Director General – Sivali Arukgoda had inspected the seized goods.

Upon inspection, the seized containers were found to hold 06 MT of turmeric, 03 MT of ginger, 03 MT of cashew nuts, and 1.5 MT of coffee beans.

These food items had been imported without the approval of the Plant Quarantine Division, while the cosmetic products, valued at millions of rupees, had been brought in without obtaining the necessary approval from the National Medicine Regulatory Authority of Sri Lanka (NMRA).

The Customs Media Spokesman had also stated that if these goods had not been intercepted, the government would have lost over Rs.120 million in tax revenue.

Investigations also revealed that the addresses provided for the shipment’s consignees were fake.

The Customs Media Spokesman also stated that steps will be taken to arrest individuals involved in this racket.

He also stated that around 07 cargo clearance companies are operating in Colombo, with organized crime gangs allegedly linked to these firms.

Customs officials have stated that the seized turmeric and ginger stocks will be inspected by the National Plant Quarantine Service before being distributed to the public through Sathosa, while the clothing and footwear will be sold through a Tender process.

Meanwhile, cosmetic products and soaps imported without NMRA approval will be destroyed, according to Customs Media Spokesman.

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Cabinet proposal to slash solar panel tariffs

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It’s reported that the government has decided to revise the payment rate per unit of electricity generated by rooftop solar panels.

Sources from the Ministry of Energy indicate that a cabinet paper has been submitted to the Cabinet of Ministers to implement these revisions based on recommendations from the Ceylon Electricity Board (CEB).

Accordingly, the unit price paid for rooftop solar electricity will be revised, with proposed adjustments based on the amount of electricity generated.

At present, the payment per unit is Rs.27, but under the new revisions, it is expected to be reduced to Rs.19.

For solar power systems generating less than 20 kilowatts, the proposed payment per unit is Rs.19. Systems generating between 20 – 100 kilowatts will receive Rs.17 per unit, while systems generating between 100 – 500 kilowatts will receive Rs.15 per unit.

However, these new tariff rates will apply only to newly installed rooftop solar systems, while existing installations will continue to receive payments at the current rate.

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