Sri Lanka’s new unit CCMD forges ahead in earnest

• Chamber of Commerce lining up immediately in support

As global exports markets became more challenging, Sri Lanka’s dedicated exports initiative, CCMD, established to battle the global market downturn and secure its export destinations, started its work yesterday.

“We will not stay passive as global markets become challenging. I wish all the success to the Consultative Committee on Market Diversification that starts its work today in earnest,” announced Rishad Bathiudeen, Minister of Industry and Commerce.

The CCMD is the first national level dedicated market diversification effort set up by the Ministry of Industry and Commerce, as Sri Lanka’s global export markets are facing a slump in international markets due to the global recession. The cross-functional initiative is a collaborative effort of several key ministries, the Treasury and the private sector, as well as various leading chambers of the country.  

Representatives from institutions such as the Ceylon National Chamber of Industries (CNCI), the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), National Chamber of Commerce, National Chamber of Exporters, Economic Development Ministry, the Ministry of Industry and Commerce, the Export Development Board, the Department of Commerce, the Agricultural Ministry, Finance Ministry, Plantation Industries Ministry, the Treasury, the Tea Board, and the Joint Apparel Association Forum (JAAF) jointly threw their weight behind the simply named but crucial task force on market diversification.

The CCMD will be chaired by the Secretary of Ministry of Industry and Commerce while the Department of Commerce of the Ministry will be responsible for the overall coordination of the Committee.

The Department of Commerce is responsible for foreign trade policy formulation, and all related coordination and implementation matters, with the objective of developing and promoting Sri Lanka’s foreign trade relations at bilateral, regional and multilateral levels.

Among its export activities scheduled this year are the continuation of participation at the WTO deliberations at ministerial and senior official levels, negotiating for special and differential treatment for Sri Lanka as a developing country and Special and Vulnerable Economics (SVE) and monitoring of trade policy reviews of major trading partners of Sri Lanka.

CMDs first information and consultation session on 15 November began in collaboration with the Ceylon Chamber of Commerce (CCC) at the CCC offices, where keen representatives from the private sector appeared to write down almost every point revealed in a DoC presentation on ‘Exporting to Singapore.’

During the session, the DoC also clearly revealed various information outlets on info needed by the local exporters in this regard. Director General of Department of Commerce PD Fernando headed the session supported by Harin Malwatte, Secretary General/CEO of the Ceylon Chamber Of Commerce.

The CCMD is tasked with better and bigger exports penetration to emerging economies such as China, Brazil, South Africa and Russia (among others) on an urgent basis. Equally important is that the CCMD can also look into enhancing the coverage of Sri Lanka’s present trade agreements (Indo-Sri Lanka Free Trade Agreement, Pakistan-Sri Lanka Free Trade Agreement, Asia-Pacific Trade Agreement, South Asian Free Trade Area and Global System of Trade Preferences) in time to come.