New national framework for trade negotiations soon
Sri Lanka is working towards establishing a national framework for trade negotiations, coming on top of the tough negotiations on US tariffs.
“In line with the government’s policy, we have recognised the need to have a national framework for trade negotiations. Therefore, the Ministry of Trade, along with related agencies, is working towards setting up a set of indicators for trade negotiations which will have a logical basis for either bilateral or regional trade promotions which will be the national tariff policy,” K.A. Wimalendraraja, Secretary, Ministry of Trade, told The Sunday Times Business. Noting that the country’s integration into the global value chain is crucial now, he added that Sri Lanka should go beyond the conventional markets and expand products in the export basket in number as well as quantity.
Dr. Harshana Suriyapperuma, Secretary to the Ministry of Finance, told The Sunday Times Business that the government is making significant efforts to tap into new markets and secure commitments for Sri Lanka’s exports, despite not having formal agreements in place. He said this on the sidelines of a special media briefing to clarify the tariffs imposed on the country by the Trump administration on Thursday morning. Responding to a question by the Business Times, he noted that as a nation, Sri Lanka needs to invest in areas to be competitive, and energy pricing is one of them. “However, immediate relief has been granted in terms of low inflation and interest costs. These will help industries to get through the tough patches. Also, the government’s facilitation process is commendable,” he added.
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