Sri Lanka in Talks with U.S. for Bilateral Trade Agreement

COLOMBO (News 1st): Deputy Minister of Finance, Dr. Anil Jayanta, has confirmed that discussions are actively underway to establish a bilateral trade agreement between Sri Lanka and the United States.

He expressed optimism that significant progress could be achieved before August 1.

He further stated that Sri Lanka anticipates a reduction in the current 30% tariff rate imposed by the United States, and voiced confidence that further concessions may be possible through ongoing negotiations.

The United States on Wednesday (9) announced a reduction in tariffs applicable to Sri Lankan exports, lowering the rate from 44% to 30%, effective August 1.

This decision was formally communicated to President Anura Kumara Dissanayake via a letter from U.S. President Donald Trump.

The tariff adjustment follows a declaration made by President Trump on April 2 at the White House Rose Garden, where he outlined reciprocal tariff measures aimed at addressing trade imbalances with partner countries. Sri Lanka was among the nations affected by this policy shift.

Secretary to the Ministry of Finance, Dr. Harshana Suriyapperuma, speaking at a press briefing yesterday, confirmed that the reduction in tariff rates was a direct outcome of the ongoing dialogue between Sri Lanka and the United States.

The government views these developments as a positive step toward strengthening economic ties and enhancing trade opportunities between the two nations.