Saturday Nov 16, 2024
Saturday Nov 16, 2024
Monday, 1 July 2024 00:10 - - {{hitsCtrl.values.hits}}
The US Embassy in Colombo, in partnership with the Sri Lanka Department of Import and Export Control, last week launched the first Sri Lanka Strategic Trade Forum.
It brought together a diverse audience from the government and the private sector to address critical aspects of trade security and explore the development of competitive practices for global trade hubs.
Following a welcome from the Import and Export Control Department Controller General T.T. Upulmalee Premathilaka, trade regulators from Malaysia, the Philippines, and Singapore showcased their national strategies for overseeing the trade and transshipment of strategic items. These items are any ‘dual use’ goods or technologies that can be used for both commercial and military applications, and play a vital role in advancing innovation across various sectors, including software development, aviation, medicine, and sanitation.
US Ambassador Julie Chung emphasised the balance necessary for robust trade, stating: “The challenge lies in achieving an equilibrium between enabling smooth trade and ensuring robust security measures. The United States works together with our partners to cultivate trading environments that support legitimate operations and restrict illegal activities, so that countries can not only foster economic growth but also develop that competitive edge within the global marketplace.”
The forum also featured insights from Singapore’s Centre for Trade Excellence and the US Department of Commerce as well as Sri Lankan experts from CRDF Global, McLarens Maritime Academy, the Trade Finance Association of Bankers, and the Hub Operators Association. These specialists provided valuable tips and strategies for establishing robust compliance practices to effectively navigate the complexities of a dynamic regulatory landscape.
Finance Ministry Trade and Investment Policies Department Director General K.A. Vimalenthirarajah was the chief guest at the event.
Co-sponsored by the Ceylon Association of Shipping Agents, Gloir.K, Joint Apparel Association Forum, and the Shippers’ Academy, and funded by the US Department of the State’s Export Control and Related Border Security (EXBS) Program, the forum underscores the commitment to enhancing trade security.
The EXBS Program collaborates globally with government and industry partners to strengthen strategic trade management, including legal frameworks, licensing, customs enforcement, and border security. In Sri Lanka, EXBS contributes over $ 500,000 annually to support training, technical assistance, equipment, and international exchanges.
