President Mahinda Rajapaksa had appointed another international expert to advise the Presidential Commission to Investigate into Complaints Regarding Missing Persons. The Japanese expert, a former international judge Motoo Noguchi has been appointed as the...
President Mahinda Rajapaksa today expressed concerns over the hostage situation in Sydney and said Sri Lanka stands united with Australia in fighting terrorism. In a Tweet this morning, President Rajapaksa said that he was deeply disturbed about the hostage...
Sri Lanka pledged a voluntary contribution of 10,000 US$ towards the UNHCR Global Appeal 2015 at the UNHCR Pledging Conference held on 09th December 2015. The Global Appeal 2015 Update by the UNHCR...
Sri Lanka said “while there needs to be commitment at both national and international levels to achieve full realization of the right to development, effective international cooperation is...
A series of initiatives aimed at boosting protection and improving conditions of employment for millions of foreign workers in the Gulf have been agreed upon at the Third Ministerial Consultative...
Sri Lanka stated that a comprehensive labour migration policy has been developed, with a view to managing labour migration properly and orderly and to ensure dignity, security and equity for Sri...
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|