Presentation to WTO Policy Review!

Being a smaller economy, it is important for Sri Lanka to align with Sustainable Development Goals.

“It is important for a smaller economy such as Sri Lanka to streamline its trade and economic policies aligning them with sustainable development goals” said Minister of Industry and Commerce Rishad Bathiudeen making a presentation on the side-lines of Sri Lanka’s 4th Trade Policy Review at the World Trade Organization in Geneva.

Sri Lanka delegation was headed by Minister Bathiudeen, who presented Sri Lanka’s economic perspectives to the large audience with over 150 participants under the theme “Sri Lanka – An Emerging Economic Hub in Asia”.

Minister Bathiudeen in his opening remarks said: “Sri Lanka is in a major transition in relation to its political, social and economic perspectives. For the first time in the history of Sri Lanka, the two major political parties in the country have come together and established a National Unity Government with the objective of providing a common platform to deliver long term social and economic solutions. The National Unity Government is in the process of introducing major reforms to the economy. Sri Lanka is currently a lower-middle income country having per capita income of US$ 3924 and the country is in her way to become an upper-middle income country. Towards this journey, it is important for a smaller economy such as Sri Lanka to streamline its trade and economic policies aligning them with sustainable development goals. Sri Lanka, as a founding Member of the GATT and WTO, places its highest consideration in multilateral trading system in establishing a level playing field with due recognition for development aspirations of smaller economies.”

The audience was represented by the Member countries of the WTO, senior members of the WTO, International Trade Centre, World Economic Forum, UNCTAD, Advisory Centre on World Trade Organization Law, etc.

Yonov Frederick Agah, Deputy Director General of the WTO, while addressing the gathering highlighted the trade policy review mechanism as a transparent system to learn about developments in trade and economic policies of the Member countries of WTO. The positive trade policy development of Sri Lanka relating to ratification of WTO Trade Facilitation Agreement, the launch of the single window system by the Customs in January 2016 and the strong growth in the services sector were commendable achievements, he stated.

While appreciating the active role played by Ambassador Kumararatne, Permanent Representative to the WTO, Deputy Director General Agah stated that Sri Lanka has significantly taken advantage of WTO trade-related technical assistance. Between January 2014 and October 2016, 261 officials from Sri Lanka have participated in 274 technical and capacity development activities undertaken by the WTO. The Standards and Trade Development Facility (STDF) of WTO has also extended assistance to Sri Lanka that resulted in concrete benefits to improve competitiveness of selected export items. The WTO will continue to extend its facilities for Sri Lanka towards its trade and economic achievements.

A detailed presentation on the Sri Lanka’s economic and trade performance was made by Dr. Y. M, Indraratne, Additional Director, Economic Research Division of the Central Bank of Sri Lanka. Many participants commended on Sri Lanka’s achievements and placed their confidence in economic prosperity through political, trade and economic reforms of the newly established National Unity Government.