Sri Lanka begins...

He noted that Australia has moved up to the sixth largest source country for tourism arrivals to Sri Lanka, from the eighth position two years and he was optimistic that Australia would be among the top five source markets shortly.

Commenting on the TIFA talks, Hutchesson noted that the agreement is focused on trade and investment promotion, negotiating free trade agreements, possible tariff reduction, co-operation in quarantine matters and free trade.

Hutchesson revealed that the Australian economy minister might visit Sri Lanka this year boosting economic ties between the two countries.

Meanwhile, Wijewardana noted that a bilateral review would be conducted next year on the progress of action plan and said trade and economic cooperation between Australia and Sri Lanka would be extended on the progress of implementation of the action plan.

Sri Lanka’s exports to Australia grew by 20 percent YOY to reach US $ 188.46 million last year.

The main exports were apparel and clothing, coffee, tea, spices and animal or vegetable fats and oils. The trade balance stood in favour of Australia last year, with a trade gap of US $ 57.92 million and the gap was widened by US $ 27.88 million last year. Sri Lanka and that emerging-market currencies were under pressure.

Foreign investors sold government securities worth a net Rs.4.6 billion in the week ended July 25, bringing the outflows so far this year to Rs.36.2 billion, the Central Bank data showed.

Shares in Nestle Lanka PLC ended 2.9 percent higher, while Ceylon Tobacco Company PLC ended 1.3 percent firmer, Ceylinco Insurance PLC closed 3.1 percent up and Carson Cumberbatch PLC ended up 0.9 percent.