Sri Lanka Ready to Open Markets, Boost Efficiency

COLOMBO (News 1st); Following US President Donald Trump’s announcement to reduce reciprocal tariffs on Sri Lankan imports from 30% to 20%, Dr. Harshana Suriyapperuma, Secretary to the Treasury, has welcomed the move and outlined Sri Lanka’s broader strategy to enhance trade, reduce costs, and improve market access.

Speaking in response to the tariff reduction, Dr. Suriyapperuma emphasized that Sri Lanka is a net importer, particularly in sectors such as energy, raw materials, and advanced machinery, which are vital for industrial production and consumer needs.

“Sri Lanka imports a significant amount for the use of our industries, businesses, and consumption. So, wherever there is a possibility, we are discussing how to open up the market without discrimination,” he said.

The Treasury Secretary noted that the government is actively working to minimize restrictive tariffs and para-tariffs, and is exploring opportunities to secure better pricing, especially in the energy sector, as global shipments increase due to ongoing trade negotiations.

He highlighted a shift in approach from government-to-government (G2G) engagements to private sector-led trade, particularly with US suppliers, aiming to foster competitive and transparent market access.

Beyond tariffs, Dr. Suriyapperuma stressed the importance of trade facilitation, citing the National Single Window system as a key initiative to streamline import-export processes. He also reiterated the government’s commitment to zero tolerance for corruption, which he said is essential for reducing the cost of doing business and enhancing institutional efficiency.

“Our offer is a wholesome one,” he said. “It goes beyond products and services. It includes governance enhancements, efficiency improvements, and a commitment to making Sri Lanka a more attractive destination for trade and investment.”