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USAID supports to modernize SL’s trade facilitation infrastructure

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The United States, through the United States Agency for International Development (USAID), is supporting the Sri Lankan Ministry of Finance to modernize the country’s trade facilitation infrastructure through the implementation of Sri Lanka’s Trade National Single Window System (TNSWS). The TNSWS, when operational, will streamline the collection of information required for trade, leading to increased transparency and efficiency, reduced costs, and more potential revenue.

As part of our ongoing collaboration, the Department of Trade and Investment Policy of the Ministry of Finance, Economic Stabilization and National Policies with support from USAID recently held a workshop for 94 key TNSWS project stakeholders. The interactive workshop enhanced participants’ understanding of how the single window system works and its benefits. It also encouraged collaboration and sustainability in Sri Lanka’s TNSWS implementation.

“As a long-time partner and Sri Lanka’s largest export market, the United States supports efforts to boost exports and improve efficiency for businesses and government agencies. We are committed to initiatives like the TNSWS, which will make trade more transparent and predictable, easing business challenges,” said USAID Mission Director for Sri Lanka and Maldives, Gabriel Grau.

Mr. K.M. Mahinda Siriwardana, Secretary to the Ministry of Finance, emphasized, “Establishing a trade national single window system is crucial as Sri Lanka recovers from an unprecedented economic crisis. The TNSWS will increase our trade competitiveness and support export growth, leading to sustained economic stability.”

As part of the World Trade Organization Trade Facilitation Agreement, which Sri Lanka signed in 2017, implementation of a TNSWS is required.  Implementation of a TNSWS received cabinet approval in 2022.

Over the past year, the United States has provided technical assistance to help the Government of Sri Lanka establish a Project Implementation Unit to lead the TNSWS project.

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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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