UN High Commissioner for Human Rights Navi Pillai is attempting to influence the investigation on Sri Lanka and make it follow a preconceived trajectory. Her public pronouncements to the media when she is scheduled to leave office at the end of the month,...
When taking political decisions we always took a very long-term view of issues, and did not focus merely the immediate and short-term time horizon, President Mahinda Rajapaksa said. “When we developed the infrastructure of our country we were not thinking...
“The Government of Sri Lanka is deeply concerned at the recent escalation of violence in Gaza, resulting in the tragic loss of civilian lives, and extensive damage to property. One cannot remain...
Sri Lanka has successfully undertaken the development of risk profiles for major natural hazards, and landslide and drought hazard assessments have already been completed. Hazard profiles of...
Sri Lank told the Human Rights Council today (25 June 2014) that persons with disabilities in conflict-affected areas receive benefits from Government schemes including housing and livelihood...
Sri Lanka has called for implementation of the UNGA Resolutions regarding the inalienable rights of the Palestinian people to Statehood and the attainment of a two-State solution. Sri Lanka also...
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|
|Sri Lanka Export Development Board|
|National Intellectual Property Office|
|Sri Lanka Tourism Promotion Bureau