Category: Trade
SL-China trade crosses USD4bn, 93-pct imports from China
Nov 23, 2016 (LBO) – Bilateral trade between Sri Lanka and China has crossed the 4 billion US dollar threshold for the first time last year, the industry and commerce minister revealed. The total trade turnover between Sri Lanka and China which was at 659 million US dollars in 2005, has surged to 4 billion […]
EU-Sri Lanka launch EUR 8mn project for SME trade competitiveness
Nov 16, 2016 (LBO) – The European Union has launched a 8 million euro project that will help Sri Lanka increase its small and medium enterprise trade competitiveness in regional and European markets. “This project has been jointly designed with the Government of Sri Lanka, and brings together policymakers, government agencies, business leaders, chambers of […]
No permission to increase powdered milk: Finance Minister
Nov 04, 2016 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake says that the prices of powdered milk will not be increased for whatever reason following the recent imposition of VAT on imported powdered milk. VAT was imposed on imported powdered milk with effect from November 1st under the new VAT Amendment Act. The Finance […]
Sri Lanka’s increased VAT to be applied from Nov 01
Oct 28, 2016 (LBO) – Inland Revenue Department said the changes to VAT and NBT will be implemented with effect from November 01. Releasing a statement, its Commissioner General said further details will be updated in due course. As per the amendments passed, VAT will be increased from 11 percent to 15 percent while NBT […]
First blockchain trade in cotton from Texas to China
Oct 24, 2016 (LBO) – Australia’s Commonwealth Bank and Wells Fargo have used blockchain, the technology behind the digital currency bitcoin that can secure financial transactions, in the first global trade transaction involving a shipment of cotton. The shipment of cotton was from Texas to Qingdao in China — the trade involved an open account […]
Ceylon Chamber welcomes relaxing export proceeds rule
Oct 20, 2016 (LBO) – Ceylon Chamber of Commerce has welcomed the move to ease the rule on repatriation of export earnings, increased from the earlier 90 days to now 120 days, as formalized by a Gazette notification issued recently. The Chamber pointed out that this rule hurts Sri Lanka’s export competitiveness, compromises export orders, […]
European Council President pledges to support Sri Lanka GSP+
Oct 18, 2016 (LBO) – European Council President has pledged to Prime Minister Ranil Wickremesinghe the fullest support to regain the GSP+ concessions for Sri Lanka. The support came after Premier Wickremesinghe yesterday met Donald Tusk who has been President of the European Council since December 2014. Tusk who was previously the Prime Minister of […]
FDI key for trade and export growth: Chinese Minister
Oct 13, 2016 (LBO) – Foreign direct investment (FDI) plays a very important role for a country to develop its trade and export growth, a senior Chinese official said. “FDI is important for trade growth as it brings money, technological advantages and the latest management ideas which drive indigenous and innovative growth,” Wang Shouwen, Vice […]
Sri Lanka to provide adjustment package for FTA trade disruption
Oct 13, 2016 (LBO) – Sri Lanka will introduce a trade adjustment package for local industrialists in order to face possible trade disruptions that may occur during the initial stages of upcoming free trade agreements, a senior minister said. International Trade Minister Malik Samarawickrama said they are negotiating new FTAs with an open mind but […]
Social, environmental considerations a must in trade: World Export forum
Oct 12, 2016 (LBO) – Trading countries should look at multilateral levels with regional trade agreements alongside transformation in investment, trade and services, an official said at the World Export Development Forum in Colombo on Wednesday. “The trade agreements of the 21st century must respond to the economic and social realities of the century,” said […]
Sri Lanka GSP plus talks to commence in Brussels: PM
Oct 12, 2016 (LBO) – Sri Lankan premier Ranil Wickremesinghe said that he will be traveling to Brussels shortly for the Generalized System of Preferences (GSP) plus negotiations. “I am traveling to Brussels on Saturday to begin talks on restoring GSP plus,” Wickrememsinghe said at the inauguration of the World Export Development Forum in Colombo, […]
Expo paves way for faster subcontinent cross border logistics
Oct 10, 2016 (LBO) – Expo Freight says it has achieved a significant milestone in cross border trade in the Indian subcontinent after a shipment for Marks & Spencer crossed over seamlessly to India from Bangladesh, following a trading agreement. This is the first occasion a truck carrying cargo was allowed to cross over to […]