-By LeN Economic Affairs Correspondent
(Lanka-e-News -12.July.2025, 11.30 PM) The Sri Lankan government has announced that it will undertake a vigorous three-week-long campaign aimed at negotiating further reductions to export tariffs imposed by the United States, in a move seen as critical to stabilising the island’s struggling foreign exchange reserves.
Dr Harsha Suriyapperuma, Secretary to the Ministry of Finance, stated that a series of targeted measures have been scheduled up until August 1st, with priority given to diplomatic and commercial negotiations designed to ease tariff burdens currently affecting key export sectors.
“This will be a major struggle—a significant national effort—over the next three weeks,” Suriyapperuma was quoted as saying. “Our primary focus remains on achieving further reductions in the prevailing tariff rates through ongoing discussions.”
The campaign, government insiders suggest, will involve both high-level diplomatic channels and the mobilisation of trade envoys, as Sri Lanka seeks to cushion the impact of declining dollar inflows from its traditional export markets, particularly the United States.
With foreign earnings from US-bound exports in decline, attention is now turning to alternate strategies to offset this shortfall. Among these is an intensified focus on expanding exports to the United Kingdom, leveraging the favourable trade concessions already in place under the UK’s duty-free access scheme.
In addition, Colombo is said to be exploring broader diversification of its agricultural exports to other global regions, with an eye toward emerging markets in Asia, the Middle East, and Africa.
Of particular interest is a proposed collaboration in digital agriculture, with reports indicating that billionaire philanthropist and Microsoft founder Bill Gates is preparing to extend financial and technical support to bolster Sri Lanka’s agritech capabilities.
Government sources noted that this digital push is expected to enhance productivity, traceability, and global competitiveness of Sri Lanka’s agricultural exports—an essential part of the nation’s effort to build economic resilience in a volatile global trading environment.
As Sri Lanka grapples with the aftershocks of a historic financial crisis, the government’s planned “three-week struggle” may signal a more assertive posture in its bid to reconfigure trade relations and reassert its place in global markets.
Whether these efforts will bear fruit remains to be seen—but in the corridors of power in Colombo, the mood is one of urgency, resolve, and cautious optimism.
-By LeN Economic Affairs Correspondent
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by (2025-07-12 19:21:29)
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