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Ranjith Bandara to steer National Trade Policy

10 Aug 2021

 
  • Appointed Committee Chairperson 
  • Policy to be launched before end 2021
  BY Cassendra Doole Prof. Ranjith Bandara has been appointed as the Chairperson of the National Trade Policy Committee, The Morning Business learns. Speaking to The Morning Business, Trade Minister Dr. Bandula Gunawardana said that the new National Trade Policy Committee was implemented recently and discussions were held via Zoom. “Because of the current situation, we held Zoom meetings and discussed the new National Trade Policy Committee and the other relevant details. During this meeting, we decided to appoint Prof. Ranjith Bandara as the Chairperson,” he said. On 1 August 2017, the National Trade Policy was approved by the Cabinet of the former Government by the then Ministry of Development Strategies and International Trade. Accordingly, it was formulated to guide and advise on subject matters such as foreign direct investments (FDIs), capacity building, trade enhancement in and outside of the region, and access to international markets. This policy was reportedly a failure as it was not formulated in consultation with the relevant 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. In March 2021 Dr. Gunawardana said that the obtaining of public comments and opinions on the National Trade Policy was to take place.  The Cabinet of Sri Lanka gave approval for the formulation of a National Trade Policy in September 2020 in order to mainly revisit the proposed Free Trade Agreements (FTAs) with several countries, including China, as well as the Economic Technology Co-operation Agreement (ECTA) with India, among other similar activities. Further, the plan was also to address the shortcomings in the co-operative sector with a similar Co-operative Policy.  An expert committee was appointed to formulate this National Trade Policy and a separate area in the Bandaranaike Memorial International Conference Hall (BMICH) premises was set aside for committee meetings, with University Grants Commission Chairman Prof. Sampath Amaratunga presiding as the Chairman. However, due to the current pandemic situation, the committee will gather via digital means such as Zoom whenever possible. The Minister said that the National Trade Policy should come into effect by the end of this year, but due to the situation, an exact date cannot be ascertained.


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