TIFA process to continue and next U.S. - SL Joint Council meeting scheduled for October 2004

Hon. Jeyaraj Fernandopulle, Minister of Trade, Commerce and Consumer Affairs meets
United States Trade Representative Robert B. Zoellick

Hon. Jeyaraj Fernandopulle, Minister of Trade, Commerce and Consumer Affairs met U.S. Trade Representative Robert B. Zoellick today at the Office of the United States Trade Representative (USTR) and had constructive and forward looking bilateral discussions on deepening and broadening bilateral trade and investment relations.

Ambassador Zoellick congratulated the Minister on his appointment as Minister of Trade, Commerce & Consumer Affairs, and said that the US Administration is keen to learn about the economic policies of the new Government.

Hon. Minister informed USTR that as Trade Minister of the new Government his visit to Washington was to establish contact with the US Administration and reaffirm the new Government’s commitment to economic reform and trade liberalization to uplift the rural economy and alleviate poverty.

The Hon. Minister and Ambassador Zoellick agreed that the TIFA process should be continued to deepen and broaden economic ties between the two countries. In response to the request made by the Hon. Fernandopulle that the Fourth Meeting of the Joint Council under the TIFA be held towards the latter part of this year, the USTR agreed to hold the Fourth Meeting of the Joint Council in October 2004. The USTR also suggested that while the TIFA process should continue to deal with business and investment issues to build confidence between the two countries, Sri Lanka should also review the FTAs concluded by the US with its other trading partners to have an understanding of the extent of trade and investment liberalization envisaged in the US Free Trade Agreements.

Hon. Jeyaraj Fernandopulle, Minister of Trade, Commerce and Consumer Affairs meets Hon. Alan Larson,
Under Secretary of State for Economic, Business and Agricultural Affairs

The Hon. Minister also informed that the new Government will enforce rigorously Intellectual Property Rights (IPR) legislation and will take action to sign the WTO Information Technology Agreement.

Hon. Jeyaraj Fernandopulle, Minister of Trade, Commerce and Consumer Affairs meets Hon. Christina Rocca,
Assistant Secretary of State for South Asian Affairs

Hon. Minister also met Hon. Alan Larson, Under Secretary of State for Economic, Business and Agricultural Affairs, Hon. Christina Rocca, Assistant Secretary of State for South Asian Affairs and had discussions on the peace process, utilization of the Millennium Challenge Account funds by Sri Lanka as beneficiary for FY 2004, food aid programme implemented by the US Department of Agriculture and bilateral political and economic relations. He also met Representative Frank Pallone (Democrat-New Jersey), Co-Chair of the Sri Lanka Congressional Caucus.

Hon. Jeyaraj Fernandopulle, Minister of Trade, Commerce and Consumer Affairs meets Representative Frank Pallone

The Minister also addressed the US-Sri Lanka Working Group at the US Chamber of Commerce and presented the trade and economic policies of the new Government, the investment opportunities available in Sri Lanka for US investors and steps being taken by the government to restart the peace negotiations. The Hon. Minister highlighted the potential for bilateral trade to grow under a Sri Lanka-US FTA and thanked members of the US-Sri Lanka Working Group for supporting the proposed Sri Lanka-US FTA. Representatives of the major US companies who attended the meeting had an interaction with the Sri Lanka Business delegation that accompanied the Minister.

Hon. Jeyaraj Fernandopulle, Minister of Trade, Commerce and Consumer Affairs addressed the U.S. - Sri Lanka Working Group at the US Chamber of Commerce

The Sri Lanka business delegation comprised Chairman, Joint Apparel Association Forum, Managing Director, Mast Lanka/Brandix Apparel, Chairman, MAS Holdings Ltd., American Chamber of Commerce, Colombo, Director, Favourite Group, Chairman, Daya Group of Companies, CEO/Managing Director, Orit Apparels Lanka Pvt. Ltd. and Managing Director of Oryx Benoidar Ltd. The US Companies included PDI Program Development International, LLC, Caterpillar, Nathan Associates, American International Group Inc., Pillsbury Winthrop, LLP, The AES Corporation, Johnson & Johnson and Millennium Information Technologies.

• Click here for the address by Hon. Jeyaraj Fernandopulle, Minister of Trade, Commerce and Consumer Affairs at the
  U.S. Chamber of Commerce

Minister Fernandopulle is scheduled to meet Tuesday with his Commerce counterpart at the US Department of Commerce, Co-Chair of Congressional Caucus Representative Jerry Weller (Republican-Illinois) who is also a ranking member of the House Ways and Means Committee.

Embassy of Sri Lanka
Washington DC
USA

21 June 2004