NCE educational forum on proposed ETCA, FTAs on 14 Sept.

NCE is to conduct an educational forum on proposed Economic Partnership Agreements and Free Trade Agreements of the Government to highlight how the private sector could minimise costs and maximise benefits.

The forum will be conducted on 14 September from 3 p.m. to 6:30 p.m. at the Hotel Sapphire Wellawatte. 

The Government has made a clear policy pronouncement that it proposes to enter into several Free Trade Agreements and Economic Partnership Agreements by the end of the year to liberalise the external trade of Sri Lanka, and make Sri Lankan exports more competitive.

The Government has already commenced negotiations regarding the proposed Economic and Technology Cooperation Agreement (ETCA) with India, and the Free Trade Agreements (FTAs) with China and Singapore. At the same time it is proposed to further widen and deepen the existing FTA with Pakistan, and also initiate FTAs with countries such as Japan, South Korea, and the UK. 

In order to achieve this objective and to enable Sri Lankan exporters, to maximise benefits to the best possible extent while reducing costs, the Chamber will conduct a forum in collaboration with the well-known Research Organisation ‘Verite Research’. 

The stance of the Chamber supports the mechanism of Free Trade Agreements and Economic Partnership Agreements to enable Sri Lankan exporters to be more competitive and exploit emerging market opportunities in the International market place. However, at the same time the Chamber as the ‘Voice of the Sri Lankan Exporter’, has actively engaged with the relevant State Authorities to ensure the establishment of a level playing field for Sri Lankan Exporters with proper regulatory measures and strengthen the safeguard mechanisms of the country. 

Free Trade Agreements and Economic Partnership Agreements are proliferating around the world. Sri Lanka too with a view to integrate effectively with the global economy has already commenced negotiations with India, China and Singapore to integrate the External Trade of Sri Lanka with the Global Economy, to maximise benefits to Sri Lanka for economic development.

These Agreements while liberalising trade by removing certain taxes and levies, and other regulatory barriers between partner countries, impacts businesses of partner countries in different ways. In this context such agreements raises two important questions in the minds of local enterprises:

How to prevent/minimise potential losses that result from the domestic market being exposed to foreigners?

How to maximise potential benefits that result from foreign markets being opened up to domestic businesses?

This Educational Forum aims to help companies address the above concerns by educating them on measures/tools that are available within and outside the agreements and it will enhance their capacity to constructively engage with the Government to address their concerns.

The Forum which aims at a target audience of manufacturers, traders and officials of Trade Associations as well as Chambers will pay attention to the ‘trade in goods’ related to the Agreements. 

Those who are interested in participating and benefitting from this forum may contact the Secretariat of the NCE for registration.