Indian Prime Minister Narendra Modi, who is on a state visit, announced a special gesture of on arrival visas to Sri Lankans holding diplomatic or official passport and visiting India as a step to enhance people-to-people contacts. He said that the new visa...
Sri Lankan President Maithripala Sirisena, the Chair-In-Office of the Commonwealth met the Head of the Commonwealth, Queen Elizabeth II in London Wednesday (March 11). The Queen warmly welcomed the President Sirisena and Mrs. Jayanthi Sirisena who visited...
Hon. Mangala Samaraweera, Minister of Foreign Affairs, held bilateral discussions with H.E. Dr. Frank-Walter Steinmeier, Federal Minister of Foreign Affairs of Germany, on 3rd March 2015, on the...
Foreign Affairs Minister Mangala Samaraweera who was in Geneva to participate in the High Level Segment of the 28th Session of the UN Human Rights Council on Monday, 2nd March 2015 met with UN High...
Hon. Mangala Samaraweera, Minister of Foreign Affairs, held bilateral discussions with H.E. Ms Dunya Maumoon Minister of Foreign Affairs of Maldives, on 2nd March 2015, on the sidelines of the 28th...
Hon. Mangala Samaraweera, Minister of Foreign Affairs, held bilateral discussions with H.E. Mr. Mahendra Bahadur Pandey Minister of Foreign Affairs of Nepal, on 2nd March 2015, on the sidelines of the...
FOREIGN TRADE REGIME OF SRI LANKA
Sri Lanka, a founder member of the GATT/WTO, continues to be a strong promoter of free trade. Its foreign trade regime is characterised by a combination of the GATT/WTO disciplines and a series of market-oriented reforms, which were introduced unilaterally by several successive governments since 1977. The liberal trade policies strive at further integrating Sri Lanka into the global economy, while holding in balance the domestic stakeholder interests.
Imports are primarily regulated through border tariffs with hardly any quantitative restrictions. Sri Lanka currently maintains a simplified four-band tariff structure, where over 50% of the tariff lines enjoy zero (MFN) duty.
|Classification|| Customs Duty (%)
|| No. of Tariff Lines
|Essential inputs, not manufactured locally||0.0
|Raw materials & semi raw materials||7.5||184|
However, it is pertinent to mention that a few product categories such as alcohol, cigarettes, perfumes and automobiles are subject to higher tariffs.
Sri Lanka is a signatory to the following free / preferential trade agreements, which grant tariff concessions to a wide range of products in a number of key markets.
- Indo-Sri Lanka Free Trade Agreement
- Pakistan-Sri Lanka Free Trade Agreement
- South-Asian Free Trade Area (Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka)
- Asia-Pacific Trade Agreement (Bangladesh, China, India, South Korea, Laos and Sri Lanka)
- Global System of Trade Preferences – GSTP (Over 40 countries)
Sri Lanka also enjoys preferential market access under the Generalized System of Preferences (GSP) schemes of the following countries.
Australia Canada European Union
Japan New Zealand Norway (GSP+)
Russia Switzerland United States
An ideal destination for trade and investment
The 2013 “Ease of Doing Business” Survey by the World Bank Group has ranked Sri Lanka as the easiest country to do business within the entire South Asian region. A host of factors, including peaceful and business friendly environment, supportive government policies, educated and easily adaptable workforce, strategic location and connectivity, preferential access to key markets, fast improving social infrastructure and quality of life have made Sri Lanka an ideal destination for both trade and investment.
| Department of Commerce
|Department of Sri Lanka Customs|
|Board of Investment of Sri Lanka|
|Department of Registrar of Companies|
|National Intellectual Property Office|
|Sri Lanka Tourism Promotion Bureau
|Sri Lanka Export Development Board|