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| Tuesday, 6 January 2004 |
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US Chamber to boost business ties with Lanka WASHINGTON, DC The United States Chamber of Commerce launched a new Sri Lanka working group as a first step towards the possible creation of a permanent U.S.-Sri Lanka Business Council to advance trade and investment opportunities between the two countries. "Sri Lanka is of growing importance as a South Asian commercial hub and has consistently played a key role in supporting global trade negotiations," said Thomas Donohue, Chamber President and CEO. The Chamber announced the new working group in conjunction with a visit to the United States Chamber of Commerce by Milinda Moragoda, Minister for Economic Reform, Science and Technology and by Devinda Subasinghe, Sri Lankan Ambassador to the United States. Chamber executives brought together 40 U.S. business leaders to meet the Sri Lankan officials and discuss Sri Lanka's strategic location and its potential to serve as a gateway market into the rest of South Asia. The attendees also discussed Sri Lanka's desire to utilize the Trade and Investment Framework Agreement signed between the United States and Sri Lanka as a vehicle to engage in further substantive commercial dialogue towards negotiating rapidly a Sri Lanka-U.S. Free Trade Agreement. "To advance a Free Trade Agreement, Sri Lanka should end the political influence over its judiciary, which encourages prolonged and inexplicable delay in resolving commercial disputes, strengthen intellectual property rights and improve transportation infrastructure," said Donohue. The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organisations of every size, sector and region. |
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