President Maithripala Sirisena arrived in Goa on 15 October 2016 to participate at the BRICS (Brazil, Russia, India, China and South Africa) - BIMSTEC (Bay of Bengal Initiative for Multisectoral Technical Cooperation) Outreach Summit. The President was met...
President Maithripala Sirisena who is in India to participate in the BRICS Outreach Summit held bilateral discussion with the Indian Premier Narendra Modi at the Taj Exotica Hotel in Goa on Oct. 16. Prime Minister Modi who warmly welcomed President Sirisena stated...
The Minister of Foreign Employment Thalatha Atukorale, who is also the Chair in Office of the Colombo Process (CP), the regional consultative forum of contractual labour originating countries in...
The UN High Commissioner for Refugees Filipo Grandi, has said the UNHCR “will continue to work on, the return of those Sri Lankans that wants to return, solutions for internally displaced people...
Sri Lanka on Wednesday ( 5 October 2016) became the 24th country to accede to the Marrakesh Treaty to Facilitate Access to Published Works for Persons Who Are Blind, Visually Impaired or Otherwise...
Director General of the World Health Organsiation Dr. Margaret Chan commended the efforts made by the President Maithripala Sirisena in his capacity as the former Minister of Health in advancing...
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|