20 October 2016 12:02 am
The two pieces of trade regulations that the Sri Lankan manufacturing sector has been clamouring for during the past few years have received the Cabinet approval. “The two bills drafted on antidumping and countervailing and on safeguard measures with the view of facing unjust trade practices of some countries as well as protecting domestic industries and manufacturers from uncontrolled imports, were approved by the Cabinet of Ministers,” a Cabinet brief said. Accordingly, the bills will be gazetted and presented in parliament after receiving clearance from the Attorney General. The proposals were put forward by Industry and Commerce Minister Rishad Bathiudeen and Development Strategies and International Trade Minister Malik Samarawickrama.
Samarawickrama recently said that the anti-dumping bills would be legislated soon and would come into effect on goods imported through all free trade agreements (FTAs). Sri Lanka is currently exploring bilateral trade agreements with Singapore, Malaysia and Turkey and is trying to widen the scope of its existing FTA with India through the Economic and Technology Cooperation Agreement (ETCA).