Home / Business/ China FTA round three next month

China FTA round three next month


Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 3 May 2016 00:12

Facebook

  • Lanka-China trade surpasses $ 4 b for the first time
  • A great destination; TPP could affect our exports in future: Rishad
  • 93% of total trade are imports
  • Says TPP reviewed in view of Lankan apparels

China is a promising market for Sri Lanka’s select, premium products such as gems and an important round of bilateral talks on Lanka-China FTA is scheduled for next month.

Updating the Lankan business community on the country’s latest global trade developments, Minister of Industry and Commerce Rishad Bathiudeen also revealed on 29 April the Government’s intention to review the Trans Pacific Partnership (TPP) further before any action, addressing the ‘Meet the Minister’ session organised by the National Chamber of Commerce of Sri Lanka. He was joined by National Chamber of Commerce President Thilak Godamanna, National Chamber of Commerce Secretary General/CEO Bandula Dissanayake and Members of NCC as well the Ministry’s top officials.

BUP_DFTDFT-3-01Minister of Industry and Commerce Rishad Bathiudeen accepts a token of appreciation from NCC Chamber President Thilak Godamanna on 29 April as NCC Senior Deputy President Sujeeve Samaraweera (left) looks on

 



“Being a founding member of GATT and WTO, Sri Lanka is committed to pursue an outward-oriented trade regime following the principles of the WTO, with a view to enhancing overseas market access for our export products and achieving greater integration into the world economy. The Indo-Sri Lanka Free Trade Agreement and the Pakistan-Sri Lanka Free Trade Agreement allow more than 4,000 product lines to be exported to these two markets at zero duty.  Sri Lanka actively involves in Joint Economic Commissions and bilateral forums with a number of countries in order to enhance our trade and commercial relations,” said Bathiudeen.

He added: “When reviewing the garment sector, we need to be able to carefully address the Trans-Pacific Partnership (TPP) Agreement under which tax free garment export opportunities have been given to countries such as Vietnam. This has enabled them to engage in competitive markets and supply the American, Chinese and Japanese markets at low rates. This may also affect exports from Sri Lanka in the future. TPP must therefore be reviewed further. In this context, arrangements are under way to hold the third round of negotiations for China-Sri Lanka FTA in June this year.”

Trade between Sri Lanka and China crossed $ 4 b last year for the first time in the bilateral trade history, surging by 17% from 2014’s $3.58 Bn. 93% of 2015’s total trade consisted of imports from China-mainly iron and steel, fabrics and fibres, cotton, and urea fertiliser.

Responding to questions by business reps from the gem and jewellery sector at the session, Bathiudeen said: “We are working on further product diversification to China. There is no doubt that China will be a promising market for select, premium products such as Lankan gem and jewellery items.”

 


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Soaring heights of NPLs in banking

Thursday, 27 June 2019

Capital inadequacy, political interference, abuse of power, wasteful and unproductive expenditure, corrupt deals, circumventions of regulatory directions, unscrupulous lending operations, imposed IMF and WB conditions for reforms, and window-dressed


New Land Policy: Ideal alternate development strategy, but accompanying policies needed

Thursday, 27 June 2019

It is reported that the Government has prepared a law to grant freehold possession of farm land held under lease from the Government. This may be a revision of the Land Development Ordinance (LDO) of 1935. This article proposes to discuss the pros a


Need for an education revolution: Future of our kids and the nation is at risk – Part II

Thursday, 27 June 2019

Lessons to be learnt from the Asian educational giants A journalist of New York Times requested Hideki Shirakawa, a Nobel laureate, to describe Japanese culture. He said, “Fundamentally, Japanese culture is based on rice farming. Rice cultivation r


Country’s reconciliation with English and Moragahakanda

Thursday, 27 June 2019

When the country received independence from British, it was blessed with an efficient administration, a high standard in education, and also sound foreign exchange reserves; the country was admired by other countries. The three major and several mino


Columnists More