USA eager to expand open, fair and reciprocal trade: US Department of Commerce

Stephen Renna, Director of the Advocacy Center at the U.S. Department of Commerce, recently met with government leaders and U.S. companies in Colombo to discuss opportunities to increase U.S. exports to Sri Lanka. “The United States is eager to expand open, fair and reciprocal trade,” stated Stephen Renna during his visit.

American companies are some of the most dependable business partners anywhere in the world. Ambassador Keshap emphasized, “U.S. companies produce the highest quality goods and services with the highest standards for ethics, corporate social responsibility, employee benefits, and environmental awareness.”

Further, when selling goods and services to foreign governments, the U.S. Foreign Corrupt Practices Act makes it unlawful for U.S. firms and American citizens to pay bribes or otherwise violate the law. The values, practices, and international standards that American companies bring to the table make them the finest partners for improving standards and quality throughout business ecosystems.

Trade and investment are the engines of growth and employment, and the United States is Sri Lanka’s largest trading partner, purchasing around $2.9 billion (445 billion rupees) in Sri Lankan goods in 2017, sustaining tens of thousands of jobs in Sri Lanka. Those exports not only create employment, they bring nearly $7 million per day of hard currency into Sri Lanka, hard currency the Sri Lankan economy relies upon to lubricate the gears of commerce.

Last year, the United States exported $337 million of goods to Sri Lanka and there is tremendous opportunity for that figure to grow. American firms provide Sri Lanka with top quality, fair and reliable solutions. Sri Lanka however needs to expand transportation infrastructure, improve agricultural output, attract more tourists and provide and improve services for its citizens.