Sri Lankan exports to South Asia Sub regional Economic Cooperation countries record an increase
Sri Lanka’s total exports to the South Asia Sub regional Economic Cooperation (SASEC) countries have reportedly recorded an increase from 6% to 8%.
However, a local media report has noted that the rate was remarkably lower than Sri Lanka’s exports to the rest of the world.
According to the report, of all SASEC countries, India is the most important export market for Sri Lanka. While 83% of Sri Lanka’s total exports to SASEC countries went to India, 99% of Sri Lanka’s total imports from SASEC countries were sourced from India, according to Sri Lanka national study done by Asian Development Bank on Potential Exports and Nontariff Barriers to Trade.
The report has further stated that low intra-SASEC trade has been attributed primarily to Non Trade Barriers (NTBs) given the substantial reduction of high tariffs under the Agreement on the South Asian Free Trade Area (SAFTA), together with other regional and bilateral agreements.
OSL take:
Sri Lanka’s exports sector is currently undergoing a transformation with the national exports strategy. The country is focussed on gaining the maximum benefits from the many free trade agreements as well as trade concessions enjoyed by Sri Lanka. Foreign businesses could explore business opportunities in Sri Lanka’s exports sector and look at forming partnerships with local companies.
| Article Code : | VBS/AT/13052019/Z_3 |