Sri Lankan government to implement cutting edge trade facilitation platform
Minister of Finance and Mass Media Mangala Samaraweera says that the Sri Lankan government is working on a trade facilitation platform that will simplify processes and reduce costs and time for exporters and importers.
Samaraweera has made this observation at the conference on “Applying New Technology to Make Sri Lanka’s International Trade More Efficient and Inclusive.”
“In order to realize Sri Lanka’s ambitions to become an Indian Ocean trading hub, it is essential that we streamline our trade processes to ensure efficiency, transparency, and integrity in a rule based environment,” the Minister has said.
He has noted that with the support of development partners, including Australia, Sri Lanka is in the process of implementing a ‘National Single Window’ for trade facilitation.
The platform would enable traders to fulfill all necessary procedures under one roof, he has been quoted as saying.
“This would make Sri Lanka a truly attractive destination for efficiency seeking export oriented FDI.”
The future of trade facilitation is in the application of modern technology, Samaraweera has told the conference.
Blockchain technology has the potential to revolutionize trade finance by drastically cutting down the time taken for transactions, reduce the costs of intermediation, whilst ensuring security and process integrity, he has said.
“Blockchain will no doubt disrupt traditional trade finance and can be a major boost for trade. Early movers will have a significant advantage – and I am confident that Sri Lanka’s financial sector is taking the message on board. The implications of such technology go beyond private traders, and have important potential benefits for border agencies,” Samaraweera has observed.
“Blockchain technology can enable Customs to audit supply chains in real time, trace the provenance of suspicious transactions, and identify problematic cargo in advance.”
“We have this year commenced the implementation of RAMIS at the Inland Revenue Department which has already yielded good results in terms of revenue administration and collection efficiency,” Samaraweera has added.
“We will look at similar applications at the Departments of Excise and Customs as well. Initial steps have been taken by enabling electronic payments at Customs and automated scanning technology. I am very keen to see Sri Lanka’s Customs step up its role as a trade facilitation agency, whilst of course ensuring a healthy contribution to our treasury coffers.”
OSL take:
The Finance Ministry’s decision to promote cutting edge solutions to simplify processes and reduce costs and time for exporters and importers is a welcome note for the country’s import and export sector. Finance Minister Samaraweera’s comment that the government is looking at similar applications at the Departments of Excise and Customs is a window of opportunity for cutting edge solutions providers to showcase their products and launch innovative and efficient work modes.
| Article Code : | VBS/AT/31102017/Z_2 |