International Trade Bill to facilitate new trade agency
The International Trade Bill, the precursor to Sri Lanka setting up an International Trade Office, is currently being drafted by the President’s Office and will be completed in first quarter 2024, officials said.
This independent agency, to be established through an Act of Parliament, will interconnect all relevant institutions, and will be headed by an ambassador of international trade.
The National Trade Negotiation Committee will be connected to the agency. A budget proposal in 2023, the International Trade Organisation will be initially under the Ministry of Finance and will be amalgamated into the Ministry of Foreign Affairs later on. This agency is devised to remove red tape, officials added.
Meanwhile, the free trade agreement discussions with Thailand were concluded after the eighth round of negotiations in November. The official said the memorandum of understanding on this will be signed next month. Treasury officials said that the latest round of talks between the parties saw agreements on rules on trade, services, investments, and economic cooperation.
Sri Lanka is slated to resume discussion with India on expanding the existing trade agreement, Treasury officials said, noting that free trade negotiations with Indonesia will start. This came on the back of the two countries launching a joint feasibility study to start negotiations for a free trade agreement in 2018.
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