Sri Lanka and Vietnam to strengthen Customs cooperation with new agreement

Wednesday, 8 January 2025 00:00 - - {{hitsCtrl.values.hits}}

After significant delays, Sri Lanka and Vietnam are set to finalise a long-awaited agreement aimed at enhancing cooperation and mutual support in customs affairs.

The move approved by the Cabinet Ministers on Monday, aims to streamline cross-border trade in areas such as reducing the costs of trade transactions between the two countries, ensuring accurate calculation and collection of border taxes, preventing the transfer of restricted goods and enforcing limitations and regulations more effectively.

Originally approved by the Cabinet on 23 November 2021, the agreement has since awaited finalisation despite receiving clearance from the Attorney General and agreement by both nations.

“By signing this agreement, it is anticipated to pave the way for stronger trade relations and mutual economic benefits in the years to come,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.

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