Commerce Ministry launches CCMD
As its global market destinations turned more challenging, Sri Lanka, in a major move, has positioned its Department of Commerce (DoC) to the frontlines of its exports drive with a crucial new role.
“As you may, already know Sri Lanka’s main export markets are the EU and the US. But there is a recession in these important markets and the latest signs are that this slump could last for another 2 to 3 years. Identification of new markets for our exports and expanding current segments therefore should be done on an urgent basis. The launch of the Consultative Committee on Market Diversification (CCMD) can ensure that these twin needs are addressed effectively,” said Industry and Commerce Minister Rishad Bathiudeen addressing the first Ministerial level multistakeholder meeting held at his Ministry recently.
The cross-functional initiative is a collaborative effort of several key Ministries, the treasury and the private sector as well as various leading Chambers of the country. Reps from such institutions as the Ceylon National Chamber of Industries (CNCI), the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), National Chamber of Commerce,
National Chamber of Exporters, Economic Development Ministry, Industry and Commerce Ministry (and its Export Development Board and the Department of Commerce), Agricultural Ministry, Finance Ministry, Plantation Industries Ministry, the Treasury, the Tea Board, and the Joint Apparel Association Forum (JAAF) jointly threw their weight behind the simply named but the crucial task force on market diversification.
The CCMD will be chaired by the Secretary of Ministry of Industry and Commerce while the Department of Commerce of the Ministry will be responsible for the overall coordination of the Committee. The CCMD is tasked with better and bigger exports penetration to emerging economies as China, Brazil, South Africa and Russia (among others) on an urgent basis. Equally important is that CCMD can also look into enhancing the coverage of Sri Lanka’s present trade agreements (IndoSri Lanka Free Trade Agreement, Pakistan-Sri Lanka Free Trade Agreement, Asia-Pacific Trade Agreement, South Asian Free Trade Area and Global System of Trade Preferences) in time to come.
“As our key markets are challenged due to global slowdown, the EDB under the Ministry is now specially working to sustain the existing segments. However, we need to diversify to new markets for us to survive” said Anura Siriwardene, Secretary to the Ministry of Industry and Commerce. “The CCMD will directly focus on this urgent need while also looking at expanding the coverage and strengthening of our existing international trade agreements,” Siriwardene added.