COLOMBO, July 24 (TIP) : Sri Lanka on Friday, July 24, welcomed the US decision of lowering to 10 per cent the tariff on goods imported from the island nation saying it will send a strong signal to investors about the country’s economic reforms.
The US imposed the 10 per cent tariff on goods imported from Sri Lanka, India, Pakistan, Bangladesh and 13 other countries as part of a wider action against products made using forced labour.
The decision to lower tariffs from 12.5 per cent to a minimum of 10 per cent was a result of Sri Lanka’s decision to ban the import of goods produced using forced labour.
“The move is expected to deliver positive results for exporters, while reflecting Sri Lanka’s ongoing commitment to fair trade, responsible business practices, and internationally accepted labour standards,” a statement from the Ministry of Finance said.
The tariff reduction will enhance the competitiveness of Sri Lankan exports in the US market, sending a strong signal to investors and buyers about the country’s dedication to sustainable economic reforms, it added.
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