Sri Lanka, Aug. 7 -- President Anura Kumara Dissanayake explained the process by which the US reduced its tariffs on Sri Lankan goods to 20% during a session in Parliament today.

The President said a competent team had been appointed to negotiate with the US.

He named the members as Secretary to the Ministry of Finance Harshana Suriyapperuma, Governor of the Central Bank Nandalal Weerasinghe, Secretary to the Ministry of Trade Wimalendra Raja, and the President's Economic Advisor Duminda Hulangama.

The US Ambassador also provided special coordination assistance.

The President stated that although some progress and agreement were reached during the negotiations, no final agreement has been signed yet, and some of the proposals presente...