Thursday Nov 21, 2024
Thursday Nov 21, 2024
Wednesday, 18 January 2023 01:16 - - {{hitsCtrl.values.hits}}
In a bid to boost exports and investments, the Government has decided to draft necessary laws and regulations to establish the proposed International Trade Office.
The new office is being set up to facilitate the free-trade agreements and to deal with all sorts of international trade negotiations, to boost foreign direct investments and exports.
The Cabinet of Ministers at its meeting on Monday approved instructing the legal draftsman to prepare the International Trade Office Bill based on the preliminary draft already prepared.
3 October 2022, the Cabinet of Ministers approved the establishment of the International Trade Office under the purview of the Finance, Economic Stabilisation and National Policy Ministry and then to amalgamate with the Foreign Affairs Ministry.
Separately, the Cabinet of Ministers also approved the appointment of a committee to manage and guide the activities of the proposed agency for export and investment promotion.
“Despite taking a head start to open up the economy for international trade, Sri Lanka lagged behind exports and FDIs compared to economies that dealt with similar situations. Thus both these initiatives are critical to boosting our foreign inflows to overcome the economic crisis,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
He also said $ 12 billion annual export income was insufficient and that to overcome the current crisis Sri Lanka requires over $ 20 billion or more.
The proposal for the establishment of one entity for investment and export promotion with an integrated approach in a coherent manner with one another has been presented by the budget proposals 2023.
Proposals to this effect were submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation, and National Policy Minister was approved by the Cabinet of Ministers on Monday.
