Press briefing of Cabinet Decision taken on 2016-06-14

Implementation of the SAARC Agreement on Trade in Services (SATIS)

- The Leaders of the Member States, during the 16th SAARC Summit held in Bhutan in 2010 signed the SAARC Framework Agreement on Trade in Services (SATIS), as a further step towards expanding the regional trade to the services sector. To give effect to the Framework Agreement on SATIS, the Schedules of Commitments have to be finalized by the Individual Member Countries. Sri Lanka falls within the Category-I, namely the Category of non Least Developed Countries and accordingly, the proposal made by Hon. Rishad Bathiudeen, the Minister of Industry and Commerce, to include new areas of operatorless Rental/Leasing Services relating to ships and land transport in the Schedules of Commitments, in addition to the areas of Communications Services, Financial Services and Tourism and Travel related Services to which Sri Lanka has already agreed in the Doha Round of World Trade Organization and to open such services under the SATIS Agreement and to make necessary requests to the relevant Government Institutions, for the implementation of the Agreement, was approved by the Cabinet.