A renewed Trade and Investment Framework Arrangement (TIFA) was signed yesterday between Australia and Sri Lanka.
Paul Stephens, Australian High Commissioner to Sri Lanka, and AMPMB Atapattu, Secretary of the Ministry of Trade, Commerce and Food Security, signed the renewed arrangement yesterday in Colombo. Australia’s Assistant Minister of Foreign Affairs, Tim Watts MP, and Sri Lanka’s Minister of Trade, Commerce and Food Security, Nalin Fernando MP, witnessed the signing.
The TIFA will promote stronger trade and investment relations between Australia and Sri Lanka across a range of sectors including education, tourism, agriculture, and mining. It will contribute to Sri Lanka’s economic stabilisation by boosting cooperation in these areas, improving market access, as well as exploring emerging sectors such as clean energy, critical minerals and services.
The renewed TIFA will further build on efforts already underway since the TIFA was first signed between our countries in 2017.
“The renewed Trade and Investment Framework Arrangement reaffirms our commitment to find economic and trade opportunities for Australian and Sri Lankan businesses while supporting Sri Lanka’s economic recovery, and I look forward to growing our economic links," Tim Watts said.