EDB to collaborate with International Fair-Trade Networks

Wednesday, 29 November 2023 00:05 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers approved signing a cooperation framework aimed at enhancing collaboration with the International Fair-Trade Networks.

Recognising 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 programs and counselling. Many organisations 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 yesterday.

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 on Monday.