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By Madhusha Thavapalakumar
An expert committee which includes University of Colombo Prof. Lalithasiri Gunaruwan, Government Medical Officers' Association (GMOA) President Dr. Anuruddha Padeniya, and Laugfs Holdings Ltd. Chairman W.K.H. Wegapitiya is set to be appointed this week to formulate a new National Trade Policy.
The committee will comprise a total of 23 officials and consult all sectors in the formulation of the new national trade policy.
A cabinet proposal said that a new policy was required as the National Trade Policy that was drafted three years ago was not formulated properly.
Media Secretary to the Ministry of Trade Mahesh Wickrema told The Sunday Morning Business that the list of 23 members has been sent to Secretary to the President Dr. P.B Jayasundara by Minister of Trade Dr. Bandula Gunawardana. The list is most likely to be approved by the President early this week.
The expert committee will be headed by retired Supreme Court Judge Justice Saleem Marsoof. Apart from the aforementioned four members, the committee will also include Central Bank of Sri Lanka (CBSL) Governor Prof. W.D. Lakshman, People’s Bank Chairman Sujeewa Rajapakse, and Dr. Harsha Cabral PC.
According to Wickrema, the committee will consult with representatives of all sectors in the country and obtain their input, following which a report will be compiled initially detailing the existing issues in the industries.
A National Trade Policy was approved by the Cabinet of Ministers on 1 August 2017, under the former Government, by the then Ministry of Development Strategies and International Trade. The 2017 policy was to provide guidance on, among other things, foreign direct investments (FDIs), capacity building, trade enhancement in and outside of the region, and access to international markets.
Nevertheless, it has been reported that the 2017 policy was not formulated in consultation with the industries, thereby failing to achieve its desired results.
Considering the need for another policy, Dr. Gunawardana had made a proposal to the Cabinet to appoint an expert committee representing all the relevant parties to formulate a new National Trade Policy. The proposal was approved on 2 September 2020.