SLSI to sign MoU with China’s Standardisation Administration to boost trade
Daily FT: The Sri Lanka Standards Institute (SLSI) is set to collaborate with the Standardisation Administration of China to alleviate technical barriers hindering non-tariff trade between Sri Lanka and China.
The Cabinet of Ministers cleared the signing of a Memorandum of Understanding (MoU) to streamline trade processes and enhance economic cooperation between the two countries.
“Following thorough review processes, from the Attorney General and the External Affairs Ministry, approval was received to proceed with signing the MoU,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said.
He said the move reflects a significant step towards enhancing trade facilitation and strengthening economic ties between Sri Lanka and China.
In 2023, Sri Lanka exported a total of $ 257.73 million worth of goods.
OSL take:
Sri Lanka is currently focused on strengthening and expanding its trade ties with other countries. Reviewing and strengthening the existing trade pacts while exploring new trade agreements with more countries are indicative of the growing business potential in Sri Lanka. The new agreement with China will further strengthen trade ties between Sri Lanka and China. The two countries enjoy strong bilateral, business, trade and investment ties that are expected to see a further boost through the proposed free trade agreement (FTA) between Sri Lanka and China that is currently under negotiation. Apart from China, Sri Lanka also enjoys strong trade ties with India, Pakistan and many other countries in the region. Given the expanding trade ties and Sri Lanka transforming into a regional hub, foreign businesses/investors could confidently explore opportunities in Sri Lanka while also looking at setting up base in the country to do business and trade with other countries.
| Article Code : | VBS/AT/20240325/Z_4 |