📈 Sri Lanka Must Earn FTAs via Reforms, Says Deputy Minister

Sri Lanka must drive deep domestic reforms to earn Free Trade Agreements (FTAs) and integrate into global value chains rather than relying on volume or cost arbitrage, stated Industry and Entrepreneurship Development Deputy Minister Chathuranga Abeysinghe. • Key Policy & Tariff Reforms • Dismantling two-decade-old para-tariffs (CESS and PAL) completely by 2029. • Transitioning to a simplified, four-band tariff structure. • Streamlining port, customs, and revenue operations to facilitate smooth global trade. • Strategic Trade Expansion & FTAs • Applied to join RCEP, gaining access to 30% of the global market. • Finalizing Thailand FTA and upgrading the Indo-Sri Lanka FTA to a comprehensive trade deal. • Pursuing agreements with Oman and the UAE, while working to retain EU GSP+ benefits. • Private Sector & SME Integration • Eliminating capital repatriation barriers for venture capital and private equity this year to boost startups. • Encouraging mid-sized firms to list on exchanges to enhance transparency and partner readiness. • Fostering R&D and intellectual property creation to position Sri Lanka as a high-tier supplier. • Strategic Maritime Assets • Leveraging Colombo, Hambantota, and Trincomalee ports for bunkering, re-exports, and intraport trade. • Aiming for full readiness for global integration within 2 to 3 years.