Switzerland to update existing trade agreements with Sri Lanka

Switzerland says it is working towards upgrading the ‘Avoidance of Double Taxation Agreement’ and the ‘Bilateral Investment Treaty’, which it has signed with Sri Lanka.

This was revealed by Livia Leu, Ambassador Delegate of the Federal Council for Trade Agreements of Switzerland, when she visited the Ceylon Chamber of Commerce, during this week.

Speaking with Mangala P. B. Yapa, CEO/Secretary General of the Chamber, Leu also said that the Sri Lankan exporters need to take maximum use of the Swizz GSP facility given to the country.

She said currently the GSP facility is underutilised by Lankan exporters.

Yapa emphasised the importance of building two way trade and investments. He also invited the European Union country to bring in investors to Sri Lanka and take advantage of nearby markets such as India.

The Swiss delegation, which also comprised the New Delhi based Swiss envoy to Sri Lanka and Maldives, Heinz Walker Nedekoorn and a business chamber representatives of Switzerland, also stressed on the importance of having a fully fledged ‘One Stop Shop’ in Sri Lanka, in order to facilitate foreign investors.

Lilakshini De Mel, Senior Assistant Secretary General of the Chamber, Gayathri Gunaruwan, Chief Economist of the Chamber and M. Somasena, a Director of the Department of Commerce of Sri Lanka also joined the discussion.