Sri Lanka’s EDB to collaborate with International Fair-Trade Networks
Daily FT: The Cabinet of Ministers approved signing a cooperation framework aimed at enhancing collaboration with the International Fair-Trade Networks.
Recognizing the potential for mutual benefit, the Sri Lanka Export Development Board (EDB) submitted a proposal to formulate a comprehensive action plan in collaboration with the partners of the International Fair-Trade Network.
The primary objective is to promote and integrate the ‘Fair-Trade Concept’ within the economic framework of Sri Lanka.
International Fair-Trade Network is a global network that equitably distributes benefits through standards, certification, producer support programmers and counselling. Many organizations engaged in international trade work as partners in the international Fair-Trade Network. This institute can guide policies supporting ‘Fair Trade’ and ‘Trade Justice’ in the European Union and interact and maintain a continuous dialogue with European Union institutions.
The signing of this cooperation framework will mark a commitment to sustainable and just trade practices that will benefit both local producers and the global community. “The cooperation framework is anticipated to facilitate knowledge exchange, policy development and the establishment of practices that adhere to the principles of fairness in international trade. In addition, it will have a positive impact on Sri Lanka’s international trade relations,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing last week.
The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister was approved by the Cabinet of Ministers recently.
Sri Lanka is currently in the process of expanding its existing trade ties. The Export Development Board has been engaged in many promotional campaigns aimed at exploring new foreign markets while working on expanding the country’s existing product portfolio. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s trading capabilities. The EDB’s move to collaborate with the International Fair-Trade Network would further strengthen and boost Sri Lanka’s trade with foreign countries. All these are indicative of the overall expansion of Sri Lanka’s trade sector, which in turn create new business/investment opportunities in the sector. With Sri Lanka working towards becoming an emerging business destination in the South Asian region, these opportunities in the trading sector are bound to see a further expansion. Given the growth and business potential in Sri Lanka’s trade sector, foreign businesses/investors could confidently explore the expanding opportunities in the sector while also looking at forming partnerships or joint ventures with local businesses engaged in the sector with the aim of further expansion.
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