In SL's US-sparked tariff ordeals 'Commonwealth may offer glimpse of hope'

The Commonwealth may offer 'a glimpse of hope for Sri Lanka to overcome effects of US tariffs', says former chairman, BritishSri Lanka Chamber of Commerce, London, Jayampathi Perera (Jay).

- BY HIRAN SENEWIRATNE

'As Sri Lanka grapples with the high tariff imposed by the US' Donald Trump administration, the Commonwealth, a voluntary association with 56 nations, many of which share historical ties and economic cooperation could offer a valuable life line for us in the long term. Although the US has given a period of just 90 days until they consider the next round of tariffs, now is the time for us to consider alternatives, Perera explained.

Perera added: 'While the US has traditionally been a significant trading partner, especially for garments and tea exports, overdependence on such a single market can prove risky and we are already experiencing such a situation.

'The Commonwealth provides a platform for trade diversification, allowing Sri Lanka to strengthen economic ties with other member countries, especially in Africa and elsewhere to conduct safe business with comparative ease.

'These countries share legal frameworks and business standards and could not only ease market access but also present safe business platforms to establish joint ventures for the future.