Cabinet approves new action plan 2025-2028 to boost international trade

Tuesday, 17 September 2024 01:54 - - {{hitsCtrl.values.hits}}

By Charumini de Silva

Cabinet Spokesman and Minister Bandula Gunawardena

The Government on Friday took a significant step forward in its efforts to boost international trade by approving the ‘Roadmap for Trade Facilitation in Sri Lanka’ and the ‘Trade Facilitation Action Plan 2025-2028’.

The move comes as part of Sri Lanka’s commitment to the World Trade Organisation’s (WTO) Trade Facilitation Agreement (TFA), which the country pledged to implement from 2017 through 2030. The TFA is a global accord aimed at reducing barriers to trade and improving the efficiency of cross-border trade procedures.

These initiatives, designed to expedite and streamline the country’s trade processes, were approved by the incumbent Cabinet of Ministers following a proposal by President Ranil Wickremesinghe at their last Cabinet meeting on Friday.

Despite regional progress, Sri Lanka has lagged behind, fulfilling only 37.4% of its total commitments under the TFA, while neighbouring countries have achieved a higher percentage of compliance.

Recognising the need for accelerated progress, Sri Lanka sought technical assistance from the Japan International Coordination Agency (JICA), with the support of the International Trade Centre. These organisations provided independent assessments and recommendations to help the country prioritise and fast-track the implementation of key trade facilitation measures.

“Following extensive consultations involving around 200 public and private sector stakeholders, the two plans were formulated to address the nation’s shortfalls and lay out a clear path forward,” Cabinet Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing on Saturday.

He said the newly approved roadmap and action plan will prioritise the completion of the remaining obligations under the TFA and focus on improving the efficiency of customs procedures, reducing delays, and enhancing coordination between relevant institutions.

“By following the roadmap, Sri Lanka aims to align itself more closely with global standards and improve its competitiveness in international markets,” Gunawardena said, adding that the successful execution of these reforms will be crucial in ensuring that the country meets its international obligations and reaps the economic benefits of improved trade facilitation.