Trade and Productivity Commission soon

The Development Strategies and International Trade Ministry and the Finance Ministry together will set up a Trade and Productivity Commission (TPC) within next three months to continue with the trade liberalisation process on a structured basis, while supporting local firms to get adjusted to increasing competition arising from foreign firms.

The Cabinet of Ministers recently approved the necessary Cabinet proposal to set-up a TPC in principal.

Speaking to Mirror Business on the sidelines of the inauguration of the First German Pavilion at Build SL 2019 exhibition at BMICH last Friday, Minister of Development Strategies and International Trade, Malik Samarawickrama said he will discuss the nominees for the Commission with the Minister of Finance in the days. Once the both ministers reach an agreement on the nominees, a joint Cabinet paper is expected to be presented to the Cabinet for approval in coming weeks. Samarawickrama noted that the TPC will come into effect within next three months.

A key objective of the TPC is to formulate and implement the trade liberalisation assistance packages for the various sectors in order for them to adjust during the phasing out period of para tariffs. “With the trade liberalisation, in particular with the gradual removal of para-tariff, we have to look at how the domestic industries would be affected and how we can assist them to enhance their productivity by re-skilling workers