📈 Australia Backs Sri Lanka’s RCEP Bid, Urges Border Digitalisation

Australia has reaffirmed its support for Sri Lanka’s ambition to join the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, while emphasizing the need for rapid domestic trade reforms. • Trade Policy & RCEP Integration: High Commissioner Matthew Duckworth described RCEP as crucial economic architecture for the Indo-Pacific that will simplify rules of origin, lower customs barriers, and integrate Sri Lanka into regional supply chains. The private sector, via the Sri Lanka Shippers’ Council (SLSC), was urged to counter protectionist resistance and back these reforms. • Digitalisation & Competitiveness: Australia strongly advocated for the full digitalisation of Sri Lanka’s trade and border procedures. This aligns with national digital economy goals to enhance transparency, improve efficiency, and reduce corruption opportunities. • Maritime & Port Logistics: The strategic importance of the Port of Colombo as a premier transshipment hub was highlighted, noting its capacity to handle ultra-large container vessels. Maritime cooperation remains central to the bilateral relationship, spanning port security and hydrography. • Bilateral Trade & Supply Chains: Australia exports approximately US$ 120 Mn worth of lentils to Sri Lanka annually. Sri Lanka acts as a critical hub in this regional chain by processing and re-exporting these lentils to around 25 countries.