- Need to find new markets, diversify exports highlighted
- Enhanced public-private tie-ups for exports
The tariff dialogue will continue with the United States (US) to gain further concessions, President Anura Kumara Dissanayake told key exporters at a special discussion at the Presidential Secretariat yesterday.
He said that the previously imposed reciprocal tariff rate was successfully reduced from 44 percent to 30 percent as a result of the recent discussions with the US Trade Representative (USTR) and other US trade authorities.
The meeting focused on the progress of discussions related to the new reciprocal tariff policy that the US is expected to implement from August 1, 2025, and the economic challenges Sri Lanka may face in the light of this policy. Sri Lanka is one of the few countries in Asia that received a substantial reduction in the tariff rate originally announced by US President Donald Trump.
The discussion also highlighted the importance of identifying new market opportunities and the need for collaboration between the public and private sectors vis-à-vis exports. The diversification of export products was also recognised as a key component of navigating the challenges. The President said that the objective of the Government is to implement changes that will benefit the economy, businesses and the well-being of its citizens.
Minister of Labour and Deputy Minister of Economic Development Dr. Anil Jayantha Fernando, Western Province Governor Hanif Yusoof, Central Bank Governor, Dr. Nandalal Weerasinghe, Secretary to the Ministry of Finance, Dr. Harshana Sooriyapperuma, Secretary to the Ministry of Trade, Commerce, Food Security and Cooperative Development K.A.Vimalenthirarajah, Senior Advisor to the President on Economic Affairs, Duminda Hulangamuwa, Senior Advisor to the President on Digital Economy, Dr. Hans Wijesuriya, Chairman of the Sri Lanka Export Development Board, Mangala Wijesinghe, Chairman of the Board of Investment, Arjuna Herath, Chairman of the International Chamber of Commerce Shanil Fernando, Chairman of the Tea Exporters Association Huzefa Akbarally, CEO of Brandix Group Ashroff Omar and other representatives from institutions affiliated with the export sector were present.
