New Tariff Dept to be set up

A new Department to handle foreign trade, tariff and investment policy, The Department of Tariff, Tariff and Investment Policy will be set up in the General Treasury.

The main duties of the department will be to review tariff policy and assist in the formulation and implementation of trade policy according to economic policy strategies of the Government. It will also maintain proper coordination among relevant government institutions.

The Cabinet granted approval last week to establish the Department of Tariff, Trade and Investment Policy. At present functions relating to Trade and Tariff are handled by the Fiscal Policy Department. But since there are several preferential trade agreements and investment initiatives of the government it was decided to set up a separate department for Tariff trade and investment policy.

Dr.R.H.S. Samaratunge, a Class I SLAS Officer, will be the head of this new department.