However, the sector is not without its problems. The outlook was bleak for emerging markets, as interest rate hikes in the United States had an impact on global trade balances. In Sri Lanka, export growth has lay below GDP growth in recent years, with industry professionals and government officials struggling to tackle it. A new export strategy has been put in place, as well as a major start in economic diplomacy, to draw more attention to world trade and investment. In addition to promoting foreign direct investment, Sri Lanka also promotes exports and trade liberalization. It has Generalised System of Preferences (GSP) status in the United States, Russia, Japan, Canada, Australia and Turkey and GSP+ in the EU (see analysis). In addition, the country is a signatory to the India-Sri Lanka Free Trade Agreement (ISLFTA), the Asia-Pacific Trade Agreement, the Global System of Trade Preferences among Developing Countries, the Pakistan-Sri Lanka Free Trade Agreement and SAFTA. The free trade agreement between Sri Lanka and Singapore was also signed in 2018, but it is likely to be amended before it enters into force (see analysis). Meanwhile, the DoC formulates foreign trade policy and promotes bilateral, regional, and multilateral trade relations in four departments: multilateral trade affairs, bilateral trade relations, regional cooperation, and trade promotion. The department thus plays a key role in international trade negotiations with bodies such as the World Trade Organization and the EU.