The main Parliamentary Opposition, the Samagi Jana Balawegaya (SJB), stated that if the import tariffs imposed by the United States (US) on goods imported from Sri Lanka can be reduced by reducing the tariffs imposed on goods imported from the US; Sri Lanka should pay attention to adopting such a strategy.

This was noted by SJB Parliamentarian S.M. Marikkar, who claimed that while Sri Lanka earns about US Dollars ($) 3,500 million a year through the goods exported to the US, the value of the goods imported from the US a year is about $ 500 million. In a context where the gap is around $ 3,000 million, he added, Sri Lanka should take exports to the US more seriously. “The tariff imposed by the US places at risk an income of $ 3,500 million and the jobs of over 300,000 employees working at apparel factories. If the tariff imposed by the US results in us losing $ 3,500 million, that would be an unbearable loss to the economy,” he said while addressing a press briefing yesterday (7), explaining that if Sri Lanka loses export income from the US while also facing a risk of losing the US Generalised System of Preferences Plus facility, that would cost the country an income of about $ 8,000 million which he said would be unmanageable.

He opined that the SJB’s stance is that the Government should resolve this issue through discussions, regarding which international relations are crucial. Adding that countries with foresight took precautionary measures to face the US’ new tariff-related policies, Marikkar added that countries like India and Israel had reduced tariffs on goods imported from the US.

Meanwhile, Marikkar also spoke about bilateral agreements including those focusing on trade. He urged the Government to reveal to the Parliament and the country the nature of the agreements entered into with India during Indian Prime Minister Narendra Modi’s recent visit to Sri Lanka. While expressing support for beneficial agreements between the two countries, he further said that the Parliament however is yet to learn of the advantages and disadvantages of these agreements as the Government has not tabled any of these agreements in the Parliament. He added: “We don’t know what agreements were entered into, or the pros and cons of these agreements. Dealing with India does not mean giving Sri Lanka’s everything to India. These agreements should be beneficial to both India and Sri Lanka, and trade agreements should provide benefits to and open markets for both the countries. However, the country’s people have a right to know about these agreements. Therefore, reveal more information about these agreements to the country”.

The Daily Morning’s attempts to contact the Economic Development Deputy Minister Prof. Anil Jayantha Fernando to discuss whether the committee appointed to look into the recent tariff hikes by the US has reached any solutions to reduce the US’ decisions impacts on Sri Lanka, were not successful. However, on 6 April, the Government said that it had commenced the relevant discussion with a focus on several sectors most likely to be affected by the US’ decision including sectors related to textiles, plastics and rubber production, food preparation, metal-related products, and chemical-related products.