TIFA Council Meeting addresses diverse set of policies impacting economic, social development

The TIFA Council Meeting that was held yesterday says the delegations from both sides addressed an array of policies that impacts the country’s economic and social development.
Some of the areas deliberated upon included policies on the investment climate, recent labour reforms, intellectual property (IP) protection and enforcement, customs and trade facilitation, technical barriers to trade and market access for apparel, gem and jewellery and agricultural products. In a statement, the President’s Media Division said the discussions also extended to collaboration and technical assistance in areas such as the digital economy, gem and jewellery industry, floriculture, boat building sectors and the Coconut Research Institute’s technology transfer and research commercialisation.

Further, transparency and efficiency in approving foreign direct investment were emphasised as key drivers of domestic economic growth and foreign investment attraction. 
The US underscored the importance of adopting robust anti-corruption measures and Sri Lanka provided updates on its proposed anticorruption legislation, seeking technical assistance and training from the US government.
The Biden-Harris administration’s commitment to workers’ rights was highlighted and Sri Lanka outlined its ongoing labour law reform efforts. The US delegation stressed the importance of consulting relevant stakeholders and ensuring public review and comment in the process. 
Both nations discussed the reduction of agricultural trade barriers to enhance food security in Sri Lanka. The US advocated for greater market access for the US exports of agricultural products, including animal feed. Biotechnology’s role in sustainable agriculture and food security was also explored.

IP protection and enforcement were affirmed as crucial for bilateral trade and innovation. Sri Lanka shared updates on its IP legislative reforms and the US offered capacity building support.
The Biden-Harris administration’s commitment to workers’ rights was highlighted and Sri Lanka outlined its ongoing labour law reform efforts. The US delegation stressed the importance of consulting relevant stakeholders and ensuring public review and comment in the process.  

Both nations discussed the reduction of agricultural trade barriers to enhance food security in Sri Lanka. The US advocated for greater market access for the US exports of agricultural products, including animal feed. Biotechnology’s role in sustainable agriculture and food security was also explored.
IP protection and enforcement were affirmed as crucial for bilateral trade and innovation. Sri Lanka shared updates on its IP legislative reforms and the US offered capacity building support.