Sri Lanka Secures Major US Trade Victory as Tariffs Drop from 44% to 10%

COLOMBO (News 1st); Sri Lanka has secured a trade victory after the United States reduced the tariff rate applicable to the country to 10 percent, a significant improvement from the previously proposed 44 percent rate, according to Sri Lanka's Ambassador to the United States, Mahinda Samarasinghe.

Describing the outcome as the result of coordinated national efforts, Ambassador Samarasinghe said strong bilateral relations between Sri Lanka and the United States, timely interventions by President Anura Kumara Dissanayake, and focused negotiations by a high-level Sri Lankan delegation played a crucial role in securing the reduction.

The delegation involved in the negotiations was led by Finance Secretary Harshana Suriyapperuma and included Central Bank Governor Dr. Nandalal Weerasinghe, Trade Secretary K.A. Vimalenthirarajah, Chief Economic Advisor and Board of Investment Chairman Duminda Hulangamuwa, and Ambassador Mahinda Samarasinghe.

However, while welcoming the outcome, he cautioned against complacency and stressed the need for continued engagement to safeguard Sri Lanka's position in the United States market.

"As I complete my relatively long tenure as Ambassador in a few days' time, I would like to leave behind a word of caution that we should not be complacent moving forward, as there are more challenges to overcome in order to sustain this positive outcome," he said.

Expressing confidence in Sri Lanka's ability to achieve further successes through national unity, Samarasinghe also pledged his continued support to the Government if required.

"As for me, I am ready to offer my assistance to the President and his Government if requested. There is absolutely nothing that we as Sri Lankans cannot achieve if we work as a team, setting aside political agendas in the best interest of our beloved motherland," he said.