Govt.’s trade reforms global ‘Rising Star’

Wednesday, 23 October 2019 03:37 - - {{hitsCtrl.values.hits}}

The Government’s reforms to make Sri Lanka’s economy more trade-oriented are responsible for the country being placed among the top 20 ‘Rising Stars in Global Trade’, according to Development Strategies and International Trade Minister Malik Samarawickrama.

Sri Lanka was recently ranked 14th among 20 countries that demonstrate the ‘Most rapidly improving potential for trade growth’ in a report titled ‘Trade 20: Rising Stars in Global Trade’ by international banking giant Standard Chartered.

Sri Lanka has been recognised for excelling in the ‘Trade Readiness’ score. Trade infrastructure upgrades, particularly strong progress in terms of digital infrastructure, have been acknowledged.

The report examines 12 metrics across 66 global markets (the major global economies plus the major economies in each region) to reveal economies where recent positive developments point to an acceleration in trade growth potential.

In a Ministry release, the Minister noted that this latest recognition reflected the developments witnessed over the last four years under the Government’s trade and competitiveness reform agenda, such as further digitising the Customs Department, enabling online Customs payments via any bank, introducing digital signature legislation and establishing the National Trade Information Portal. Steps are also underway to establish an electronic National Single Window and improve digitalisation at all agencies that impact border facilitation. New infrastructure investments are also being made for instance for the development of the East Container Terminal at the Colombo Port, the elevated port access road to ease congestion, the facility for Multi-Country Consolidation warehousing in Colombo and the development of the industrial port in Hambantota.

Speaking further on this global recognition, Minister Samarawickrama remarked: “This is a powerful global endorsement of our reform initiatives to provide an enabling environment for businesses - small or large - to participate in international trade. Our Government’s focus has been on ushering in a new era of trade and enterprise-driven dynamism for our country, reversing the anti-trade bias of the past and moving away from the unsustainable and unsuccessful growth model that was heavily reliant on Government spending. We intend to continue this. If we are to truly become the regional hub that many speak of, it has to be through international trade. This recognition of Sri Lanka among the top 20 economies with the most rapidly improving potential for trade growth should be welcomed by all in the private and public sector and support should be shown for more reforms in this direction.”