In a landmark decision, Sri Lanka’s Cabinet has approved the National Trade Facilitation Roadmap bill, marking a significant advancement in the country’s efforts to modernize its cross-border trade processes and align with global trade facilitation standards. This roadmap will serve as the official strategy for implementing comprehensive trade reforms aimed at streamlining trade procedures and enhancing Sri Lanka’s competitiveness in international markets.
The National Trade Facilitation Roadmap was developed through a collaborative effort led by the International Trade Centre (ITC) in partnership with the Japan International Cooperation Agency (JICA). ITC, a joint agency of the United Nations (UN) and the World Trade Organization (WTO), has been instrumental in supporting various trade facilitation initiatives in Sri Lanka. This project, initiated at the request of the Presidential Secretariat, falls under the framework of the Trade Facilitation Implementation Strategy.
The development process involved extensive engagement, including interviews, workshops, and roundtable discussions with nearly 300 stakeholders from over 70 agencies across the public and private sectors. Participants included members of the National Trade Facilitation Committee (NTFC), regulatory agencies, trade chambers, business associations, private sector firms, donors, development partners, and think tanks.
The resulting roadmap outlines a comprehensive strategy for prioritizing Sri Lanka’s commitments under the WTO’s Trade Facilitation Agreement (TFA), aiming to make cross-border trade procedures more efficient. It also strengthens the NTFC’s role as an inclusive platform for coordinating future trade reforms, reinforcing Sri Lanka’s dedication to aligning with international trade standards. This alignment is expected to facilitate trade, attract foreign investment, stimulate economic growth, and enhance the country’s global trade competitiveness.
The approval of this bill marks a significant milestone in Sri Lanka’s journey toward meeting the requirements of the WTO TFA, thereby bolstering support for the trading community and improving the nation’s economic outlook.