TRADE AND INVESTMENT FRAMEWORK AGREEMENT BETWEEN THE U.S. AND SRI LANKA (TIFA)

Sri Lanka and the United States of America signed a Trade and Investment Framework Agreement (TIFA) on 25th July, 2002 during the visit of the Hon. Ranil Wickremesinghe, Prime Minister of Sri Lanka to the US, creating a legal and institutional foundation for a permanent trade policy dialogue spanning a wide range of bilateral and international trade issues between the two countries. The objectives of the Agreement are to foster conducive environment for international trade, investment and economic corporation and work towards facilitating greater market access in the two countries.

The establishment of a Joint Council on Trade and Investment is an important element of the Agreement. It will provide a legal forum for identifying impediments to trade and investment flows, between the two countries and consultation and dialogue on specific trade and investment issues of interest to the Parties. The Council will initiate consultations on areas of corporation in order to liberalize trade and investment between the two countries. It will be responsible for monitoring bi-lateral trade and investment relations and identifying opportunities to expand them. The meetings of the Joint Council will be jointly chaired by the USTR on behalf of the USA and Minister of Commerce and Consumer Affairs on behalf of Sri Lanka.

The TIFA between the US and Sri Lanka is the first TIFA signed by the US with a South Asian country, which will pave the way for entering into negotiations of a Free Trade Agreement with the US.

The First Meeting of the Joint Council established under the US-Sri Lanka TIFA is scheduled to take place on 20th and 21st November, 2002 in Colombo.

Please click "Trade And Investment Framework Agreement" to view the agreement.