FTA committee report by end 1Q next year
The Cabinet-appointed committee to evaluate ongoing free trade agreements (FTA) and explore potential new ones is slated to come out with an evaluation report by the end of the 2026 first quarter, Secretary for the Ministry of Trade, Commerce, and Food Security K.A. Vimalenthirarajah said.
Aiming to create a national strategy that emphasises diversification into Asian, African, and Middle Eastern markets, the committee will come up with a framework at this time, he told the Sunday Times Business. “Afterwards, we aim to conduct feasibility studies with the relevant countries,” he added.
As announced by President Anura Dissanayake during the presentation of the 2025 budget in November, the committee, comprising specialised ministers, is tasked with reviewing existing agreements and starting discussions with various countries and regions to boost trade relations with different countries and continents.
The Secretary highlighted the importance of understanding FTAs, signifying that tariff reductions happen gradually over 15 to 20 years and need compliance with regulations, including rules of origin and various protocols such as Sanitary and Phytosanitary (SPS) standards. “Not comprehending FTAs have hindered national progress, despite the availability of underutilised concessionary market access schemes and limited export depth,” he added.
He added that the African FTA discussions are at an initial stage and the committee will come out with recommendations in the coming quarter. Industrialists have been calling for an African FTA for the past year. Sanjeewa Wickramanayake – Chairman EWIS, a Company exporting computer components to Africa, said that such an FTA could facilitate the country’s transformation into an electronics hub.
‘The lack of tax rebates on certain components used in product assembly is a barrier to growth, he told the Sunday Times Business, noting that engaging in global trade through FTAs could enhance Sri Lanka’s competitive positioning in the African market.
Mr. Vimalenthirarajah also said that the government is preparing to introduce a comprehensive overhaul to the national tariff policy by mid-2026. “The tariff overhaul is inseparable from Sri Lanka’s broader trade goals, particularly the review of FTAs,” he said, adding that as global tariff averages decline, non-tariff barriers increasingly affect competitiveness. To support reforms, Sri Lanka plans to expedite the adoption of World Trade Organisation (WTO)-aligned protocols, targeting the completion of 14 outstanding intellectual property agreements within three years.
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