Ceylon Chamber acknowledges US tariff reduction

• Stresses importance of durable trade terms 

The Ceylon Chamber of Commerce yesterday commended the government of Sri Lanka and the national negotiation team on the successful outcome of the recent discussions with the United States, which led to a further reduction in the reciprocal tariff rate on Sri Lankan exports from 30 percent to 20 percent.  

“While this is clear progress reflecting the value of sustained engagement and strategic diplomacy, it is now important to use this window of opportunity to work towards a long-term arrangement that ensures more stable and competitive market access for our exporters,” Ceylon Chamber Chairperson Krishan Balendra stated in a statement issued yesterday.  

“We appreciate the efforts of the officials involved for their proactive and strategic efforts, particularly in engaging with the US government and Office of the United States Trade Representative to secure this positive result.

As Sri Lanka continues its path toward economic recovery, we encourage further collaboration to address the remaining non-tariff barriers and foster a more enabling environment for bilateral trade and investment,” it added.  

Deepening commercial ties in a mutually beneficial manner was stated as critical to strengthening Sri Lanka’s export competitiveness. 

“At the same time, the country must focus on diversifying its export portfolio and expanding market access through strategic trade agreements.”  

The Ceylon Chamber stated that it would continue to work with the government through practical engagement, informed input from industry and clear representation of private sector priorities.