Public, private sector representatives discuss moving forward on facilitating world trade

Public and private sector representatives dealing with exports came together in Colombo on Wednesday to discuss crucial matters, helped by international agencies like the World Bank, pertaining to the WTO Trade Facilitation Agreement ( TFA).

“The highest Sri Lankan political will should be there to succeed in this. We are talking win-win here since both the government and the business sector are talking about the same goal,” said Global Alliance for Trade Facilitation (GATF) Vice President Donia Hammami at the meeting.

The meeting organised by GATF and the International Chamber of Commerce Sri Lanka (ICCSL) is the first such country session discussing the TFA.

Ms. Vice President Hammami leads policy work in Customs and Trade Facilitation at ICC. Minister of Industry and Commerce Rishad Bathiudeen and ICCSL Chairman Keerthi Gunawardane headed the Sri Lankan side at this event, according to a ministry media release issued after the meeting.

Speaking on public private partnership for trade led growth, Ms. Hammami said: “As for this TFA, we are talking of a common sense package that will reduce trade costs for WTO members by as much as 14.5 per cent, boost exports up to US$730 billion, create 20 million new jobs across the world, and greater impact on global GDP. As for Sri Lanka, TFA does not focus on quotas and tariff but simplifying procedures and removing inefficiencies. TFA also supports SMEs due to simplified border procedures and trade procedures”.

Calling for the local private sector support, she added: “The Sri Lankan business community has a key role since they know the Sri Lankan situation best. As the private sector, you must make sure your voice is heard in this TFA efforts. This agenda is worth your time and effort. It’s a one time in life opportunity”.

Minister Bathiudeen said the way forward in this process is to ensure the early establishment of a resourceful Secretariat of the National Trade Facilitation Committee (NTFC) to lead reforms which are an essential to the ongoing trade liberalisation efforts.

He said they were grateful to the World Bank Group for being the principal coordinator of TFA implementation in Sri Lanka.

The TFA, effective in February 2017, is the first multilateral trade agreement since the creation of the WTO in 1995. It has been accepted by 112 (WTO) member countries including Sri Lanka.