Open Sesame

Mar 23 (LBO) – Sri Lanka will have to further relax import tariffs on goods like cement from April this year under its trade deal with India, with customs revenues taking a hit. Sri Lanka’s bilateral trade agreements with both India and Pakistan allow for a phasing out of tariffs over a eight year period, for goods that are not on a sensitive list.

Under the Indo-Lanka Free Trade Agreement, tariffs are to come down to not less than 70 percent of the general customs duty rate this year.

That means, for imports of finished goods from India, tariffs will drop from 28 percent to 8.40 percent and from 2.5 percent to 0.75 percent for industrial raw materials and machinery.

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