Given the impact of the content of this agreement on our members and the potential that the government offers to promote domestic trade, this chamber has decided to set out its positions on the essential features of the agreement. (NOTE: The government`s Ministry of Printing posted the message on its website after we conveyed the message. Because the agreement is widely covered, Sri Lankan companies can take advantage of this agreement by taking advantage of the synergies it should have between trade, investment and services. It should be noted that following the signing of the agreement, many delegations travelled to Singapore to explore potential investment opportunities. The Attorney General`s Department informed the Supreme Court that the commission appointed by the President is still reviewing the agreement. “In the face of concerns about protectionism in some parts of the world, this free trade agreement is even more important because we are working with like-minded partners, such as Sri Lanka, to increase the mutual benefits of open trade.” An official from the government`s Ministry of Printing said the corresponding bulletin will be published shortly after the document is scanned on its website. In response to these concerns, the Sri Lankan government announced on Monday that it would introduce two bills to Parliament to combat sudden increases in imports and unfair trade practices such as dumping and illegal subsidies. It appears that the Ministry of Trade and Investment Policy received a gazette number from the government printing department without sending them the sheet itself. Trade with Sri Lanka is booming. Last year, bilateral trade reached $2.7 billion, up 27% from 2016. Sri Lanka does not enjoy the Singapore market access advantage, as 99.9% of customs positions were already duty-free prior to the SLSFTA. However, under the WTO[iii], Singapore`s customs regime currently applies to only six duty lines (beer and a few other spirit drinks), but at the multilateral level (WTO obligations), about 30% of Singapore`s tariffs are not subject to a higher (unconsolidated) tariff.

Tariffs on goods subject to a ceiling (i.e. related) range from zero to 10%. Singapore will therefore have the flexibility to raise rates for the rest of the world at a later date on these tariff lines. However, given that 99.9% of tariffs were promised to Sri Lanka under the SLSFTA, these caps do not apply to Sri Lanka. It is therefore established that the SLSFTA, by confirming the zero tariff for these products, has brought more predictability to Sri Lankan exporters. The agreement guarantees duty-free access for Singapore`s exports to Sri Lanka on 80 percent of all customs lines for 15 years, said a statement from the Ministry of Trade and Industry (MTI).

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