Cabinet approves National Trade Facilitation Roadmap for Sri Lanka bill

Monday, 23 September 2024 03:42 - - {{hitsCtrl.values.hits}}

Workshop on NTFC best practices and National Trade Facilitation Roadmap for Sri Lanka

In a landmark decision, the Cabinet approved the National Trade Facilitation Roadmap for Sri Lanka bill marking a significant step forward in Sri Lanka’s journey to modernise its cross-border trade processes and align with global trade facilitation standards. The roadmap now serves as the country’s official strategy for driving comprehensive trade reforms, aimed at streamlining trade procedures and enhancing the nation’s competitiveness in international markets.

The National Trade Facilitation Roadmap was developed through a highly collaborative and inclusive effort led by the International Trade Centre (ITC) in partnership with the Japan International Cooperation Agency (JICA). ITC, a joint agency of the United Nations (UN) and the World Trade Organisation (WTO), has been actively supporting the implementation of numerous trade facilitation initiatives in Sri Lanka and this project, undertaken within the framework of the Trade Facilitation Implementation Strategy, was initiated at the request of the Presidential Secretariat.

The process, which included a series of interviews, workshops and round table discussions, engaged nearly 300 stakeholders from over 70 agencies across both the public and private sectors. Participants included members of the National Trade Facilitation Committee (NTFC), cross-border regulatory agencies, trade chambers, business associations, private sector firms, donors, development partners, and think tanks.

The resulting roadmap outlined a comprehensive strategy for implementing and prioritising Sri Lanka’s commitments under the WTO’s Trade Facilitation Agreement (TFA) and aims to streamline cross-border trade procedures, making them more efficient, while strengthening the NTFC’s role as an inclusive platform for coordinating future trade reforms. It further underscores Sri Lanka’s commitment to aligning with international trade standards, which will help facilitate trade, attract foreign investment, stimulate economic growth, and improve the country’s global trade competitiveness.

This bill marks a significant milestone in Sri Lanka’s efforts to align with the requirements of the WTO TFA, thereby enhancing support for the trading community and strengthening the country’s economic outlook.