The Sri Lanka – Australia Trade and Investment Framework Arrangement (TIFA) which was signed on 02nd November 2017, has played a crucial role over the years to enhance the bilateral trade and investment relations between Sri Lanka and Australia which marked 75 years of diplomatic relations in 2022.
While reaffirming the commitment in further exploring economic and trade opportunities, both parties signed the TIFA agreement for another five years period with effect from 11 October 2023.
The renewed TIFA agreement was ceremoniously signed by Mr. A.M.P.M.B. Atapattu, Secretary to the Ministry of Trade Commerce and Food Security and H.E. Mr. Paul Stephens, Australian High Commissioner to Sri Lanka, witnessed by Hon. Nalin Fernando, Minister of Trade, Commerce and Food Security of Sri Lanka and Hon. Tim Watts, Assistant Foreign Minister of Australia.
The TIFA action plan includes government to government collaborations in multiple sectors such as facilitating quarantine process for agricultural exports, investment promotion programs, market access for SME exports, attracting high-end tourists and partnerships for greater use of digital technology.
Both countries anticipate that, TIFA agreement will set a firm foundation to reach new heights in bilateral trade relations in terms of continuing productive dialogues for new business opportunities, proactive engagements with business communities in both countries while encouraging and facilitating trade and investment, transferring modern technology and by resolving trade and investment related issues to create a conducive business environment.
The signing ceremony was represented by Dr. Lakmini Mendis, Actg. Director General of Commerce and the officials from the Department of Commerce which is the focal point for the TIFA and senior officials from the Ministry of Trade, Commerce and Food Security. Australia was represented by senior officials from the Australian High Commission in Colombo.
