'Trade facilitation should be addressed realistically'

“It is important for countries in the Asia Pacific region to address trade facilitation issues in a realistic and practical manner,” said Senior Minister, International Monetary Co-operation, Dr. Sarath Amunugama at the inauguration of the Asia Pacific Trade Facilitation Forum (APTFF) last week.

From left: Chairman,Ceylon Chamber of Commerce, Susantha Ratnayake, Director, Trade and Investment Division, UNESCAP, Ravi Ratnayake, Senior Minister for International Monetary Cooperation and Deputy Minister of Finance Dr. Sarath Amunugama, Minister of Industry and Commerce, Rishard Bathiudeen and Country Director, Asian Development Bank, Ms. Rita O’ Sullivan.

More than 190 delegates from the Asia Pacific region involved in trade facilitation were joined by around 100 Sri Lankan officials, business leaders and representatives from regional chambers at the inauguration at the Galadari. The event was co-hosted by the Ceylon Chamber of Commerce (CCC) along with United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and the Asian Development Bank (ADB).

Dr. Amunugama said that with the current economic situation in the United States and the Euro Zone, Asian nations can't expect a revival of trade relations as it was in the past and, therefore, it is important for Asian nations to look at trade in a new light and promote intra-regional trade. Though products from Asia had a reliable market in the United States and the Eurozone in the past couple of decades, now countries such as the USA are promoting their own products resulting in more competition for exports from Asia.

Trade facilitation is an extremely important issue for Sri Lanka, given its small size, high dependence on international trade and its strategic geographical location.

It was also pointed out that trade facilitation is an extremely important mechanism for all countries, particularly for developing countries that are dependent on international trade for economic development. Increase in trading opportunities, potential for trade across markets, diversification of exports – while all of these are extremely important for the enhancement of global trade, these would be unachievable if the procedures in place for movement of goods prove to be so burdensome so as to impede trade. Sustainable Economic Development through trade can only be meaningfully achieved by the smooth movement of goods at every stage of its progress.

Director, Trade and investment division of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) Ravi Ratnayake, said that implementing trade facilitation reforms for regional connectivity in Asia and the Pacific is not only important but also urgent.