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S.Korea pledges support to uplift SL’s economy

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South Korean President Yoon Suk Yeol pledged his support for President Ranil Wickremesinghe’s economic recovery plan for Sri Lanka.

He praised President Wickremesinghe’s programme aimed at alleviating the severe economic crisis in the country and commended his dedication.

Additionally, President Yoon mentioned the potential for expanding the scope for job opportunities in South Korea for Sri Lankan youth in the future.

The South Korean leader lauded President Wickremesinghe’s efforts to address Climate Change issues based on the COP 27 agenda and proposed for Sri Lanka and Korea to enter into a Bilateral Climate Change Agreement.

He further proposed the need to expedite the conclusion of a Bilateral Trade and Investment Agreement with a view to facilitating more Korean investment bringing in new technology to Sri Lanka.

The official meeting between Presidents Wickremesinghe and President Yoon occurred alongside the 78th session of the United Nations General Assembly at the South Korean Permanent Resident Mission to the United Nations in New York.

The leaders discussed the strengthening of diplomatic relations that began in 1978 and explored opportunities for further expansion.

President Wickremesinghe emphasised the importance of expeditiously finalizing a trade agreement between the two nations.

Both leaders prioritised enhancing trade and investment relations between Sri Lanka and South Korea.

Additionally, President Yoon expressed gratitude for the valuable contributions of Sri Lankan youths working in South Korea to the country’s economy.

Furthermore, the South Korean President highlighted that Sri Lankan workers who have gained skills in South Korea will return to contribute to Sri Lanka’s economy positively.

He also applauded the commitment of the Sri Lankan President to address climate change. President Ranil Wickremesinghe emphasised Sri Lanka’s digitization efforts, while the South Korean President noted that Sri Lanka can draw valuable lessons from South Korea’s remarkable achievements in digitization.

In a friendly gesture, President Yoon extended an invitation to President Ranil Wickremesinghe for an official visit to South Korea in the near future.

Foreign Minister Ali Sabry, Secretary to the President Saman Ekanayake, Foreign Secretary Aruni Wijewardane and other senior officials from Sri Lanka and Korea participated in the meeting.

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Fuel prices upped

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The Ceylon Petroleum Corporation (CPC) has announced a revision of fuel prices, effective from midnight today (June 30).

The price of Petrol 92 Octane has been increased by Rs. 12 to Rs. 305 per litre, while the price of Kerosene has been increased by Rs. 07 to Rs. 185 per litre. The price of Auto Diesel has also been increased by Rs. 15, bringing it to Rs. 289 per litre.

However, the prices of Petrol 95 Octane and Super Diesel remain unchanged, according to Ceypetco.

The new fuel prices are as follows:

• Petrol Octane 92 – Rs. 305 (increased by Rs. 12)
• Auto Diesel – Rs. 289 (increased by Rs. 15)
• Kerosene – Rs. 185 (increased by Rs. 7)
• Petrol Octane 95 – Rs. 341 (not revised)
• Super Diesel – Rs. 325 (not revised)

Meanwhile, Lanka IOC has also revised retail fuel prices to match Ceypetco prices.

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“Sri Lanka, only Asian country currently holding talks to revise Trumps’ tariffs”

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Sri Lanka is the only country in the Asia region currently holding discussions with officials in the United States to revise the tariffs introduced by US President Donald Trump earlier this year, according to Minister of Labour and Deputy Minister of Economic Development Prof. Anil Jayantha Fernando.

Joining the Parliamentary debate today (30), where MPs are debating the fiscal strategy statement of the government, the Deputy Minister of Economic Development stated that they are hopeful the government will be able get a better deal from the US regarding the 44% tariff imposed earlier this year.

A Sri Lankan delegation last month held discussions in Washington, D.C., focusing on tariff-related matters, following an invitation extended by the Office of the United States Trade Representative (USTR).

The reciprocal tariffs imposed by United States President Donald Trump has been paused for 90 days at present.

Deputy Minister of Economic Development Prof. Anil Jayantha Fernando in Parliament stated that the government will take all steps within their powers to reduce the tariffs imposed by the US which will have a major bearing on many local industries.

The Deputy Minister while the government is taking such important steps to safeguard local companies, the opposition is only focused on jeopardizing the work of the present administration

(adaderana.lk)

(Except for the headline, this story, originally published by adaderana.lk has not been edited by SLM staff)

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Indian officials extend US visit to iron out trade deal, sources say

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Officials from India will extend their Washington visit to try to reach agreement on a trade deal with U.S. President Donald Trump’s administration and address lingering concerns on both sides, two Indian government sources said on Monday.

Trade talks between India and the U.S. have hit roadblocks over disagreements on import duties for auto components, steel, and farm goods, ahead of Trump’s July 9 deadline to impose reciprocal tariffs.

The Indian delegation had been expected to conclude discussions by last Friday, but was staying on until at least Monday evening to iron out differences and move towards an agreement, officials said, declining to be named as the discussions are private.

“There are certain disagreements over opening up the agriculture and dairy sectors, though India has offered tariff concessions on 90% of tariff lines. A final call will be taken by the political leadership of the two countries,” one of the government sources said.

“The Indian delegation could stay for another one to two days if discussions continue,” the second source said.

India’s commerce ministry and the U.S. Trade Representative Office did not immediately respond to requests for comment.

Agriculture and dairy are “big red lines” for India in its ongoing trade negotiations with the U.S., Finance Minister Nirmala Sitharaman told the Financial Express newspaper in an interview published on Monday.

“Yes, I’d love to have an agreement, a big, good, beautiful one; why not?” Sitharaman said, adding that an early conclusion of the trade deal would serve India better.

Trump said last week that America was going to have a “very big” trade deal with India, but gave no details.

(Reuters)

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