Two day training programme on WTO and Trade Related Issues sponsored by Tamasek Foundation Centre

By Shezna Shums

In view of Sri Lanka moving ahead to become a trading hub, the Ministry of Finance and Planning has sought the assistance of the Temasek Foundation Centre for Trade and Negotiations to help train some career and middle levels officials on improving their skills in trade negotiations and services to meet the demands arising due to the country moving forward.

TFCTN’s mission is to aid development by increasing knowledge of trade negotiations and building the capacity of government and business leaders in the Asia Pacific region to better participate in economic globalisation.

Dr. Deborah Elms, Head-TFCTN said that the two day in country training programme will educate the participants on the impact of regulations that structure global trade and other trading partners around the world.

The information will be useful for career and middle level people who can use these new skills to meet the challenges ahead as well as assist their seniors in the future.

Dr. Deborah Elms said that it is important to know these rules, especially when she sees the potential Sri Lanka has to being a trading hub in the future and also to meet the challenges of today.

The TFCTN will have three professionals conducting the training during this workshop.

Given that the global outlook is changing, Dr. Elms says that following the global financial crises, it is important for Sri Lanka to know how the recovery will have an effect on trade relations with Sri Lanka, and what the Ministry was looking at was training relevant to the service industry.

“The service industry is a growth industry and the Ministry has made a special request that training be concentrated in this area,” she said.

How to position Sri Lanka as a trading hub is important after seeing how Singapore with limited land and resources is fairing in the trading industry.

Dr. Elms noted that for the country to meet future challenges and develop more, it was important to improve the infrastructure to allow easy access to goods and services.

“Upgrading port facilities, airports, as well as upgrading the skills of officials and the population to meet the new challenges ahead will help in the country’s development,’ she highlighted.

Another move that will help Sri Lanka improve its trade industry is to have better trading links with other trading partners such as India.

Nevertheless, Dr. Elms stated that the opening up of markets in Sri Lanka was a good move and would help the country move forward.

“Protected economies generally see high prices, whereas open economies see better quality goods and services at better prices,” she explained.

She also noted that Sri Lanka can be competitive as in the case of some of the commodities that the country exports, such as textiles. Some of the areas where there is tremendous potential for growth are the tourism, commodities, agricultural and service industries.