🚨 SL Plans Major Tariff Policy Overhaul by Mid-2026 📈

• The Trade Ministry is set to introduce a comprehensive National Tariff Policy by mid-2026, replacing the current "patchwork, discriminatory," and highly complex system (identified by World Bank). • Core Goal: Shift from a revenue-driven, protectionist structure to a predictable, simplified, and facilitative regime to boost export competitiveness and global value chain integration. • Key Pillars of Reform: • Establishing Predictability & Consistency. • Simplification (dramatically reducing para-tariffs). • Replacing protectionism with time-bound facilitation for infant industries. • Enabling global participation by lowering input costs (raw materials, capital goods). • The policy aims to transform inward-looking SMEs into export-oriented firms and strengthen diversification efforts. • Broader Trade Agenda: Government is reviewing existing FTAs, pursuing new market access (Asia, Africa, Middle East), and actively evaluating an invitation to join the ASEAN Free Trade Area (AFTA). • Facilitation: Reforms include accelerating WTO protocols (14 IP agreements in 3 years) and implementing the Single Window project to address customs bottlenecks, aiming to make Sri Lanka a "compliant, predictable, and investment-friendly" economy.