Trade with EU to be enhanced

Sri Lanka's trade with the EU, the country's largest export market, crossed the $3.2 billion mark in 2014.

“The Department of Commerce, The Delegation of the European Union in Colombo and the International Trade Centre (ITC) in Geneva are formulating a trade-related capacity building project, which will enhance the overall performance of the export sector in Sri Lanka," said International Trade Centre (ITC) Chief, Office for Asia and the Pacific, ITC, Geneva, Xuejun Jiang when he paid a courtesy call on Industry and Commerce Minister Rishard Bathiudeen at the EDB in Colombo last week.

Jiang's delegation also included top UNIDO officials from Geneva including Associate Industrial Development Officer, Quality, Standards and Conformity Unit Trade Capacity Building Branch, Juan Pablo Diaz-Castillo.Director General, Department of Commerce, R.D.S. Kumararatne and officials of the Department were also present.

"The project, which is due to be launched in 2016, will be funded by the European Union. The capacity development exercise in Sri Lanka is expected to cost between Euro 2-7 million. Sri Lanka has picked ITC as coordinator for the entire program.

Other economic agencies of the country including government agencies and various trade chambers are stakeholders in this exercise," he said.

"The concept will be developed and implemented by Geneva's ITC. The Department of Commerce is the local coordinator of the project. UNIDO is also extending its expertise.

The new project is expected to span three to four years,” Jiang said.

“The European Commission (EC) has given Sri Lanka strong support to help boost our trade capacity. This consultation process started in October and the work has already moved to the next phase," Minister Bathiudeen said. "We thank ITC for formulating the ‘Performance Improvement Roadmap’ for the EDB," he said.