"We will not take part in this useless time wasting exercise," Vijitha Herath, the party's international affairs spokesman, said today.
Herath, however, said the party would be sending its action plans to the PSC which they feel were needed to address the issues concerning the Tamils.
"What is needed is action and not any more committees. This is (PSC) a time wasting plan," Herath said.
President Mahinda Rajapaksa wants the PSC set up as means to achieve consensus across political parties of all shades and opinion on the Tamil issue.
He thinks that bilateral talks with the main Tamil party- Tamil National Alliance - would not be an enough for an inclusive process.
It is not certain if the TNA would take part in the PSC.
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Main opposition UNP have said the party has urged the government to create the environment which would enable the main Tamil party to take part in the meeting.
The TNA maintains that points agreed at the bilateral talks which are now stalled need to be part of the PSC agenda if they are to take part in the process.
They privately entertain fears that any progress at the talks may be scuttled by the pro-Sinhala nationalist parties who are averse to sharing power with the Tamil minority.
The PSC's ability reach consensus towards national reconciliation would be watched closely by the international community in view of the resolution passed in March at the UN Human Rights Council.
The US-sponsored resolution urged expeditious implementation of the recommendations of Sri Lanka's own Lessons Learnt and Reconciliation Commission (LLRC).
The LLRC had made recommendations on ways to achieve national reconciliation.