Cabinet nod for SL to enter new trade deals

Wednesday, 10 February 2021 03:10 - - {{hitsCtrl.values.hits}}

Trade Ministry proposal given green light
Incomplete regional agreements to be reviewed
Cabinet Spokesman says controversial FTAs will also be evaluated
ETCA and China FTA among incomplete deals

By Asiri Fernando

Indicating a policy shift, Cabinet has approved Sri Lanka entering into new trade agreements as well as renewing existing regional and international deals, a top official said yesterday.

Cabinet approved a proposal submitted by Trade Minister Bandula Gunawardana to both review ongoing but incomplete trade agreements as well as potentially enter into new ones.

“This process is in accordance with the President’s ‘Vistas of Prosperity and Splendour’ policies,” Cabinet Spokesman and Mass Media Minister Keheliya Rambukwella said yesterday. MP Rambukwella explained that all regional trade agreements were up for review.

“We need to evaluate the positives and negatives of all agreements, including ones we have protested about in the past,” Rambukwella stated, responding to a question regarding several Free Trade Agreements (FTA) which the Government opposed when they were in the Opposition. These included the Singapore FTA and the proposed Economic and Technology Cooperation Agreement (ETCA) with India.

Sri Lanka also embarked on an FTA talks with China but it was suspended in 2018. However, both sides agreed to revive discussions during a high level meeting in Colombo last October.

“Although Sri Lanka too has entered into several such accords, it has been observed that no expected results have been gained from those,” the Cabinet office said in a statement.

“Anyone is free to make requests. However, it is up to the Government to decide whether to grant the request or not,” Rambukwella said, responding to a question on what the Government’s view was regarding reports that a request to relocate the Bank of Ceylon building and Sudarshi Hall in Colombo by a Chinese investor.

“We the Government have policies to work within. We will work according to the ‘Vistas of Prosperity and Splendour’ policy. We will not enact anything which is outside the policy for which the Government has the people’s mandate,” Rambukwella stressed.

Bandula calls for review and reduction of plethora of red tape hindering trade

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