GOVT. READY FOR OIL PURCHASES FROM THE US IF IT IS COST EFFECTIVE -Dr. Anil Jayantha Fernando

Dr. Anil Jayantha Fernando, Minister of Labour and Deputy Minister of Economic Development, takes questions from Daily Mirror on the current status of Sri Lanka's engagement with the US on tariff reduction and the current status of the economy. Excerpts:

- By Kelum Bandara

How is the current status of the government's engagement with the US on the tariff issue?

There was a virtual meeting recently. Discussion has reached the final phase. The next step is to agree on certain things and streamline the final version of the document. We need not pay a visit to the US. But if it is necessary in the future, there may be one for signing the agreement.

I am really coordinating and connecting the team. I am not a member of the team.

Sri Lanka has managed to get it reduced to 30 percent at the moment. We are trying to get it reduced further. Sri Lanka too has to make certain compromises to reduce the trade gap, to accommodate US interests. How are we going to do that actually?

There is discussion regarding the ways in which we can reduce the trade gap - the removal of tariff, para tariffs and the ways of further increasing our imports and investments. It is really reciprocal.

What are the most cost-effective imports which we can make from the US?

International trade should happen in a very democratic, free and fair manner. What we import basically, are the things that we want, but cannot produce because of higher costs. Strategically, sometimes, in order to connect with the global supply chain, there are different ways of importing.

We prefer that kind of importsjust let the market determine what to be imported in line with our national priorities and agendas. Since this particular issue has now arisen, we can discuss the possibility of importing oil. We do not import oil from the United States at the moment otherwise.