Sri Lanka to review suspended trade agreements
The Morning: The Ministry of Trade, Commerce, Food Security, and Co-operative Development has been engaged in the process of reviewing draft free trade agreements partially negotiated by the previous administration and the Cabinet of Ministers has appointed a special committee to examine them, it is learnt.
Speaking to The Sunday Morning Business, Ministry of Trade, Commerce, Food Security, and Co-operative Development Secretary K.A. Vimalenthirarajah said: “We have been doing our homework for the purpose of starting negotiations (with regard to the trade agreements). Now the Cabinet has also appointed a committee to study this.”
He revealed that the Cabinet-appointed committee was composed of officers of the Department of Commerce and the Ministry of Trade.
Vimalenthirarajah further stated that no policy decision had been made yet on whether to resume or abandon the suspended trade negotiations. He added that any such decision would be taken based on the recommendations of the Cabinet-appointed committee.
Speaking to The Sunday Morning Business, Deputy Minister of Trade, Commerce, and Food Security R.M. Jayawardana admitted that the Government was yet to make a decision on how to proceed with the suspended bilateral trade negotiations.
However, he added: “If the trade agreement is good, we will recommence negotiations or go for a new trade agreement. What I mean by a new trade agreement is that when we are having bilateral talks, we will get certain proposals. If a particular proposal is good, we will study it and consider entering into an agreement. Apart from that, we consider it unnecessary to return to what was negotiated in previous trade talks.”
Accordingly, he asserted that their priority was to pursue trade agreements that addressed the country’s current needs, regardless of whether they stemmed from previous negotiations or constituted entirely new agreements.
OSL take:
Sri Lanka is committed to further expanding its trade ties with foreign countries by reviewing the existing trade agreements while working on reaching more trade deals to include new foreign markets as well. It is in such a backdrop that Sri Lanka is looking at reviewing trade agreements that have been suspended in the past. Sri Lanka’s strong trade ties including trade concessions enjoyed with many foreign countries have had a direct impact on the country’s growing manufacturing and export industries as well as related sectors. The expansion in the manufacturing and export industries in Sri Lanka have opened a host of business/investment opportunities for foreign businesses/investors on the lookout for lucrative business ventures in the country. The growth and profits recorded by businesses already engaged in the country’s manufacturing and export industries and the increasing business potential in the industries as well as related sectors supported by Sri Lanka’s expanding economy provide ideal business ventures. Also, given the strong trade ties enjoyed by Sri Lanka with many foreign countries, especially in the region, foreign businesses/investors could also look at setting up trade bases in Sri Lanka to engage with other countries in the region using the preferential treatment enjoyed by Sri Lanka with other countries.
| Article Code : | VBS/AT/20251111/Z_1 |