Press briefing of Cabinet Decision taken on 2017-11-21

Action on the obligation of Sri Lanka according to the Trade Facilitation Agreement (TFA) of the World Trade Organization

- The Trade Facilitation Agreement has been entered into as a Bi-lateral Agreement with the objective of clarifying the sections on trade facilitation in the General Agreement on Trade and Tariff and improvement and for removing the obstacles in regard to the movement of goods including goods in transit, issuance and clearance. Through this Agreement it is expected to accelerate the movement of goods across borders, issuance and clearance.

Sri Lanka has already ratified this Agreement and by fulfilling the obligations of Sri Lanka under the Agreement, a number of benefits such as, the raising of the Sri Lanka's rank in the global trade facilitation indicators, reduction of cost in the international trade, the capability of being more competitive within the international market, could be accrued.

Therefore, a National Committee on Trade Facilitation has already been set up for the co-ordination of the relevant activities in this regard. Accordingly, the joint proposal made by Hon. Rishad Bathiudeen, the Minister of Industry and Commerce; and Hon. Malik Samarawickrema, the Minister of Development Strategies and International Trade, to expand the scope of the Committee with the inclusion of other active trade facility activities outside the purview of the provisions of the Trade Facilitation Agreement, as well and to prepare an Action Plan to take action in accordance with the obligations of the Trade Facilitation Agreement of the World Trade Organization, was approved by the Cabinet.