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ECONOMYNEXT – Sri Lanka’s president Ranil Wickremesinghe has proposed the removal of several non-tariff import taxes, in his budget speech in parliament today.
“As a primary step to improving Sri Lanka’s deeper connectivity with foreign trade and global markets, we are taking steps to eliminate non-tariff import taxes, including import CESS, Port, and Airport Levy,” Wickremesinghe said.
“Easing of these taxes will be phased out through 3 to 5 years”.
The international market should be expanded for exports, he said. “We have to create a competitive economy. For this, we are working to establish extended trade agreements with our main partners in the region.”
Sri Lanka is working to establish free trade agreements with Thailand, Indonesia, Bangladesh, and China, and taking steps to expand India’s free trade agreement into a comprehensive economic and technological cooperation agreement.
The country has also applied to enter the Regional Comprehensive Economic Partnership (RCEP) and link with the common system of trade preferences of the European Union.
“Therefore, our country gets opportunities to enter all major global markets at competitive levels.”
Sri Lanka’s trade facilitation obligations of the World Trade Organization are lower than many less developed countries, Wickremesinghe said.
“Several government institutions have not reached those goals while the selected trade facilitation measures such as accepting electronic payments and accepting digital documents are to be completed.
“Therefore, the National Trade Facilitation Committee will be established under the chairmanship of the Treasury to the Secretary.” Other stakeholders will also be included in the committee.
Steps will be taken to modernize customs laws to prepare them according to global best practices, Wickremesinghe said.
“The National Committee for Effective Trade Facilitation is important for speedy implementation of the National Single Window. It can have a positive impact on internal trade and investment.
“The National Single Window will bring all border management agencies into a single digital platform and facilitate trade-related regulatory documentation in a seamless and timely manner.”
Rs 200 million has been allocated for this.
As registering trademarks in several countries can be costly, Sri Lanka is working to accede to the Madrid Convention which will make registration quick and easy.
“This is crucial to increase the competitiveness of Sri Lankan brands and increase the value of Sri Lankan export products.” (Colombo/Nov13/2023)
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