Sri Lankan Exporters Raise Concerns Over Proposed 30% US Tariff
The EASL acknowledged the efforts of Sri Lankan trade representatives but stressed the need for more urgency and determination
Sri Lankan exporters have raised concerns over a proposed 30 per cent tariff on the country's goods entering the US, even as President Anura Kumara Dissanayake says "discussions are ongoing to secure the maximum possible concessions." The Exporters Association of Sri Lanka (EASL) in a statement on Friday urged the government to intensify negotiations with the US before the August 1 deadline.
Calling the proposed rate unsustainable, EASL said the higher tariff would place Sri Lankan exports at a disadvantage in the global market.
Meanwhile, President Dissanayake said that as a result of recent discussions with the United States, the previously imposed reciprocal tariff rate was successfully reduced from 44 per cent to 30 per cent, President's Media Division reported on Saturday.
While speaking at a discussion held this morning at the Presidential Secretariat with all stakeholders in the export sector, Dissanayake emphasised "ongoing dialogue will continue to secure additional concessions," the report said.
"The objective of the government is to implement changes that will benefit the country’s economy, businesses, the business community and the well-being of its citizens," he added.
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The EASL acknowledged the efforts of Sri Lankan trade representatives but stressed the need for more urgency and determination, noting that competitor countries such as Vietnam and India faced lower tariffs of 20 and 26 per cent, respectively.
The association also urged authorities to explore new international markets and diversify export destinations to protect the economy from future external shocks.
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(This report has been published as part of the auto- generated syndicate wire feed. Apart from the given headline, no editing has been done in the copy of the story by ABP Live.)
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