Too many procedures impede import-export trade
Though there is indication that there is no import ban to Sri Lanka, there are impediments from the banks to pay in foreign currencies for imported goods, said Denis Chaibi, Ambassador of the Delegation to the European Union to Sri Lanka and the Maldives.
He was speaking at the official launch of the Step by Step Trade Procedures Functionality of the Sri Lanka Trade Information Portal (SLTIP), held at Shangri-La Hotel, Colombo this week.
The four year EU-Sri Lanka Trade Related Assistance Project is worth Euros 8 million and aimed to increase the trade competitiveness of Small and Medium Size Enterprises (SMEs) in regional and European Union markets.
It would assist to integrate Sri Lanka’s policies and regulatory reforms of the World Trade Organisation, allowing SMEs to make the most of the potential opportunities resulting from the EU’s Generalized Scheme of Preferences (GSP) Plus. It also enables greater regional integration within the South Asian Association for Regional Cooperation (SAARC).
Mr. Chaibi indicated that though EU has stringent standards, the EU market is very important to Sri Lanka’s exports, as Sri Lankan products have been quality assured. With this assurance these products could be exported to any other market too as he believed that this portal would help Sri Lanka to comply with required EU standards.
He said the ideal way for Sri Lanka to increase exports to the EU is through value added agriculture products, which are known for its high quality over the years and said “Sri Lanka is known for its quality in the EU market”.
He said that Sri Lanka has the best cinnamon, coconut, jack fruit and tea and Europe is there for quality products as a very happy customer. Europeans are ready to pay a premium price, while the quality is assured, he said. The EU market is a qualitative market and is the second largest trading partner for Sri Lanka, he pointed out.
Trade Minister Bandula Gunawardane said that there is a need to reassess and reduce the number of procedures that impedes the ease of doing exports and imports and that there is a scope to reduce them. So, he said the launch of the portal reminds them of the number of procedures and measures that are in place when doing trade with Sri Lanka.
He said that this functionality enhances the access to trade-related information and transparency of trade procedures for selected products in Sri Lanka and to drive simplification reforms of such procedures, it thus contributes to fulfil enhanced transparency and predictability of trade information in Sri Lanka for the benefit of policymakers, border regulatory agencies and the business community.
The minister said that this portal is an example of what the EU can achieve with Sri Lanka for the benefit of economic operators from Europe and Sri Lanka. The project would become a benchmark in considering simplification of border procedures, he said.