Colombo forum to address easing trade for Sri Lankan business
View(s):A forum has been organised by the International Chamber of Commerce Sri Lanka (ICCSL) and the Global Alliance for Trade Facilitation in Colombo on April 26. where participants will discuss how to make cross-border trade more efficient for Sri Lankan business.
The forum will feature speeches and discussions from the Minister of Industry and Commerce Rishad Bathiudeen and an international array of trade facilitation experts and business leaders. The forum is taking place within the context of the entry into force of the World Trade Organisation’s Trade Facilitation Agreement (TFA), a landmark global deal aimed at easing trade by removing red tape at borders, according to a media release by the ICCSL.
According to an analysis by the World Economic Forum, the TFA could increase cross-border sales for SMEs by up to 80 per cent. Other studies estimate that full implementation of the TFA could allow trade costs to fall by 13-15 per cent in developing and emerging countries.
“For Sri Lanka, full and early implementation of the TFA could have a greater impact for domestic business than tariff reforms, chiefly by providing new standards for the transparency of laws and procedures; increased fairness in border agency decisions; streamlined customs clearance procedures; and less administrative constraints on goods for import, export and transit,” the ICCSL said.
“The TFA is a great opportunity for Sri Lankan business, strengthening Sri Lanka’s current trade facilitation efforts, creating jobs and making it quicker and less costly to import and export,” ICCSL Chairman Keerthi Gunawardane said. “The agreement would also allow Sri Lankan companies to better tap into global supply chains.”