Category: Trade
Sri Lanka to ratify WTO Trade Facilitation Agreement
Jan 07, 2016 (LBO) – Sri Lanka’s cabinet has approved a proposal to ratify the Trade Facilitation Agreement adopted in 2013 at the 09th Ministerial Meeting of the World Trade Organization in Indonesia. The agreement intends to accelerate and facilitate procedures related to customs clearance and borders relevant to import and export of goods. Maintaining […]
China to ink FTA with Sri Lanka
Dec 30, 2015 (LBO) – China will have discussions with Sri Lanka next year on a proposed Free Trade Agreement (FTA) in a bid to build stronger trade and investment ties, a foreign news report said. Gao Hucheng, the Chinese Minister of Commerce was quoted on Chinese news agency Xinhua as saying that China […]
No movement of professionals under Indo-Lanka pact: Harsha de Silva
Dec 23, 2015 (LBO) – Deputy Minister of Foreign Affairs Harsha de Silva requested professionals not to mislead the public with false statements as there is no movement of natural persons under proposed Indo – Lanka economic pact.Speaking at a press briefing de Silva emphasized that there is no point of holding union actions with […]
Sri Lanka expects EU fishing ban to be revoked by mid 2016
Dec 22, 2015 (LBO) – Sri Lanka is looking at a favorable response about the lifting of EU fishing ban from the European Parliament by mid next year, the Fisheries Minister said. “During the coming months the proposal to lift the fishing ban will be presented to the European Parliament,” Fisheries Minister Mahinda Amaraweera said. […]
Information Bank for economic diplomacy soon, says Harsha De Silva
Dec 16, 2015 (LBO) – Sri Lanka plans to launch a ‘Knowledge Platform,’ an online internet information bank to promote economic diplomacy, Deputy Minister of Foreign Affairs, Harsha de Silva said.The platform would be launched by the end of the first quarter of 2016. De Silva revealed this during the second meeting of the Inter […]
Special economic zones, a driving force for increased trade in Asia: ADB
Dec 14, 2015 (LBO) – Special economic zones (SEZs) can be a driving force for increased trade, investment, and economic reform in Asia as it experiences a slowdown in trade, provided the right business environments and policies are put in place, a new Asian Development Bank (ADB) report said. “The expansion in the number of […]
Sri Lanka customs invites rights holders to fight counterfeits
Dec 04, 2015 (LBO) – Sri Lanka customs invited right holders of products to come forward to help authorities to stop importing counterfeit goods to Sri Lanka.Ashorf Samzudeen, deputy superintendent of Consumer Protection Unit, Sri Lanka Customs said they can fight against counterfeit and piracy only with the corporation of right holders, law enforcement agencies […]
Sri Lanka enters into Commonwealth trade finance for small states
Nov 30, 2015 (LBO) – Sri Lanka together with India, Malta and Mauritius have signed a declaration of intent to create a Commonwealth trade finance facility to boost trade and investment flows.The agreement was signed by the foreign ministers of the countries in Malta on November 26th.The voluntary fund hopes to attract start-up capital of […]
Sri Lanka to promote its ancient cinnamon trade
Nov 23, 2015 (LBO) – Sri Lanka’s government will set up an authority to develop the cinnamon trade, its main spice export, along with strengthening research and undertaking an international branding exercise, the minister of finance said.The spice trade in Sri Lanka dates as far back as 7th Century, but has underperformed in an economic […]
Sri Lanka bring in more price controls for consumer goods
Nov 19, 2015 (LBO) – Sri Lanka’s Consumer Affairs Authority has brought in a new set of Maximum Retail Prices (MRPs) for six new essential consumer items to be effective from 20 November. “The new maximum prices are introduced to safeguard consumers from sudden market hikes, especially in the forthcoming festival season,” Rishad Bathiudeen, Minister […]
US firms await clear policy to invest in Sri Lanka
Nov 17, 2015 (LBO) – Many businesses from the United States are willing to invest in Sri Lanka but are waiting more clear and consistent economic policy from the government, the US Ambassador said at the opening of the US trade fair in Colombo, Tuesday. “American companies are looking for safe investment opportunities,” Atul Keshap, US Ambassador […]
Lifting fish export ban to EU needs further steps: EU Council
Nov 17, 2015 (LBO) – Sri Lanka’s ban on fishery exports to the EU could be lifted if further necessary steps are taken, the European Union Council said. Releasing council conclusions in a statement the Council commended the steps Sri Lanka has taken to comply with the regulations of the Indian Ocean Tuna Commission. “The […]