Sri Lanka to upgrade consumer affairs sector by amending legislation
Sri Lanka’s Consumer Affairs Authority (CAA) is reportedly looking at introducing a mechanism related to online trading to be included in the Consumer Affairs Authority (CAA) Act No. 9 of 2003 as part of the proposed amendments to the legislation that recently received the approval of the Cabinet of Ministers.
CAA Executive Director Thushan Gunawardena has told The Sunday Morning, “I cannot disclose the exact amendments that have been focused on for the (CAA) Act; however, the structure of the present Act remains unchanged, but add-ons – for example, online trading – will be added.”
Cabinet approval was recently granted to revise the CAA Act No. 9 of 2003 Amendment Bill when it was pointed out to further formalise the Bill, as the Attorney General (AG) has stated that certain provisions needed to be included in order to meet present requirements in the context of the Sri Lankan market according to the initial cabinet approval that took place on 3 September 2018.
Gunawardena has reportedly said, “There were no amendments made to the CAA Act since 2003,” implying that the modern market trends relating to purchases as well as the patterns that have emerged due to the prevailing pandemic, need to be highlighted via the amended CAA Act.
The CAA Executive Director has noted that the current Act is not formidable enough to regulate most of the novel purchasing and selling patterns, such as online shopping, that have started to take place due to the prevailing circumstances.
“With the current market shift into the digital age, we need to change certain aspects of the Act,” he has said, explaining that due to the digital evolution that is happening in society, consumers also get accustomed to the shifts that take place in the market.
OSL take:
Sri Lanka’s consumer goods sector is fast becoming a business/investment opportunity given the growing demand for consumer goods in the country. With Sri Lanka on the path to reaching its next level of development and economic expansion, the country’s demand for consumer goods are on the rise. It is this reason that has made the government of Sri Lanka look at amending legislation related to consumer goods in order to meet the growing demand. Foreign businesses could explore business opportunities in upgrading the country’s consumer goods sector. Sri Lanka is fast becoming a business hub in the South Asian region.
| Article Code : | VBS/AT/02072021/Z_8 |