Cabinet approves further step to operationalise SL-Singapore FTA

The Cabinet of Ministers approved presenting an Order under the Sri Lanka Export Development Act No. 40 of 1979 in Parliament for approval.

On 29 May, the Cabinet approved the re-implementation of Sri Lanka’s Tariff Relaxation Program under the Sri Lanka-Singapore Free Trade Agreement (FTA).

Taking into account how the Cess levy was implemented by 1 May 2018, the program has been divided into 3 categories as ‘Category 0’, ‘Category 10’ and ‘Category X’. 

An order under the provisions of Sri Lanka Export Development Act No. 40 of 1979 has been published in Extraordinary Gazette Notification dated 4 January 2024 to give effect to the removal of the first annual instalment which is 1/5th of the Cess levy concerning 1087 Harmonised System Codes classified under Group “10” and removal of Cess levy applicable to 300 Harmonised System Codes classified under category “0” at once.

The Cabinet of Ministers approved the proposal presented by the President, in his capacity as the Investment Promotion Minister.