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SL should be wary of trade agreements: GMOA President
View(s):GMOA President Dr Anuruddha Padeniya said Sri Lanka should be wary of entering into Trade Agreements (TA) with other countries, as the world is changing into an era of Economic warfare.
He said this at a ceremony organized by the Professionals’ National Front to mark the inauguration of a Public Commission to formulate a National Policy (NP) on International Trade, held at the Foundation Institute Auditorium.
Dr Padeniya, explaining the importance of an NP on International Trade said, most existing TAs had caused severe drawbacks to the country.
“For example, the 1998 Indo-Sri Lanka Free TA has resulted in a 90% loss to the country. Hedging agreement caused a massive loss too. It is estimated that from the loss of Hedging, a 5-star meal could have been provided to each citizen of this country for 12 years. Therefore, we cannot rely on the recommendations made by Economic consultants, because of these past experiences.”
He also emphasised that, when entering into TAs, the government should focus on the impacts on our Culture as well, other than the Economic benefits.
“As doctors, we understand the impacts on the Health sector from various Economic policies. We need the support of all the citizens in this regard.”
The President of the Commission, Prof W.D. Lakshman, in his address said, some powerful nations in the world now hold a completely different idea about TAs.
“U.S. President Donald Trump withdrew from international TAs such as North American Free Trade Agreement, Trans Pacific Partnership. The UK left the European Council recently.”
He said that it’s imperative to think more about a growth hike in our Production sector, than enter into TAs.
“When we enter into international TAs, we tend to pay less attention on non-tariff barriers like black money, national security and international tourism. In a neo-liberal government, the Economic policy is to sell government businesses. I think Sri Lanka doesn’t have a proper policy to pay its debts.”
“A large proportion of our Economy currently depends on the migrants’ remittances, but opening the Service sector to foreigners through ETCA, would result in the flow of more remittances out of the country. This could cause adverse impacts on our Economy.”
He also appreciated the efforts made by the GMOA and the support given by all the other professionals to form the Public Commission.
Chancellor of the University of Sri Jayawardhanapura, Ven. Prof. Bellanwila Wimalaratana said an NP is decisive for Sustainable Development.
“Nothing has an NP in Sri Lanka. Even Education and Media Policies change according to different governments and politicians who come to power,” he said.
In addition to the appointment of the Public Commission, a website was also launched by Commission member Dr Anula Wijesundara.
A number of politicians including MP Dr Sudarshani Fernandopulle and Viduara Wickremanayake, religious leaders and trade union activists also participated in the event.