Sunday Dec 22, 2024
Sunday Dec 22, 2024
Saturday, 23 December 2017 00:00 - - {{hitsCtrl.values.hits}}
For small economies like Sri Lanka, the role of the World Trade Organisation (WTO) has become ever more crucial, Industry and Commerce Minister Rishad Bathiudeen said recently.
He had made these statement in his message to the 11th WTO Ministerial Conference held from 10 to 13 December in Buenos Aires, Argentina.
“The role of rules based multilateral trading system led by WTO has become more crucial in paving a level playing field for its members, in particular for small economies such as Sri Lanka,” he said in his speech, which was delivered to the Conference by Additional Secretary of the Ministry of Industry and Commerce Sheitha Senarathne who led the Lankan delegation. “Slow growth in trade, challenges from the digital transformation, attracting FDI, level of unemployment, access to trade financing and sustainable development are some of the great challenges that many developing countries encounter today,” he said.
“The role of the rules-based multilateral trading system led by WTO has therefore become more crucial in paving a level playing field for its members, in particular for small economies such as Sri Lanka, in supporting their integration into the world trading system,” he added.
Director General of WTO Roberto Azevêdohas once stated that trade has proven to be one of the best anti-poverty, pro-growth and pro-development tools in history. The question is how such a positive role can be maintained to derive the desired benefits in this challenging multilateral trading environment.
Members from developing countries while making every effort to align their policies with their multilateral commitments, expect WTO to play a role of the facilitator of their development goals. Such a win-win situation is the key success factor for achieving Sustainable Development Goals ensuring their meaningful and sustainable integration into the world trading system, he added.
In this regard, the role of WTO as an enabler of making necessary technical and capacity development assistance for small economies, particularly in the areas of Aid for Trade, Transfer of Technology, Trade Facilitation, Trade Finance and Development, are crucial. Such assistance has proven positive gains facilitating way for better integration in to the world trade.
“Sri Lanka considers international trade as the engine of economic growth. The country’s geographical location, and conducive business environment complemented with a knowledge-based society have offered competitive strengths to the country and its trading partners. The growth strategies are therefore, aimed at participatory approach to sustainable development creating opportunities for international trade.”
The Sri Lankan delegation to the conference also included Ambassador and Permanent Representative of Sri Lanka to the WTO R. D. S. Kumararatne, Gothami Silva and officials from the Department of Commerce.
