In a significant development on the trade front, Sri Lankan President Anura Kumara Dissanayake announced that Sri Lanka and the United States are preparing to issue a joint statement addressing the long-standing reciprocal tariff dispute. The announcement came during a public address in Ratnapura on Wednesday.
According to President Dissanayake, the recent high-level discussions held in Washington, D.C., between a Sri Lankan delegation and US officials were described as “fruitful” and yielded meaningful progress. “The Deputy Finance Minister informed me that the discussion with the US has been fruitful,” Dissanayake stated. “We have made meaningful progress,” he added, noting that the forthcoming joint communiqué will not only clarify the outcomes but also shape the trajectory of future bilateral trade relations.
The Sri Lankan delegation included Deputy Finance Minister Dr. Harshana Suriyapperuma, the Secretary to the Ministry of Trade, and the Sri Lankan Ambassador to the United States. The talks are seen as a step forward in easing tensions caused by the US’s imposition of steep tariffs on Sri Lankan exports.
Sri Lanka’s vital apparel industry has been particularly impacted by tariffs as high as 44%, introduced under the US’s revised trade policy. These duties were implemented as countermeasures to what the US perceived as restrictive trade barriers and unfair tariffs on American goods entering Sri Lanka.
The resolution of this issue is anticipated to bring much-needed relief to key sectors of the Sri Lankan economy and strengthen diplomatic ties with the US, a major trading partner.