Min. Karunanayake makes observations on improving economic growth

Min. Karunanayake makes observations on improving economic growth

Min. Karunanayake makes observations on improving economic growth

Written by Staff Writer

09 Aug, 2016 | 8:10 pm

A two-day National Trade Portal and Single Window Best Practices Forum was held in Colombo, under the auspices of Minister of Finance Ravi Karunanayake.

The event brings together high-level customs and trade related officials from Indian, Bangladesh, Bhutan and Sri Lanka to discuss best practices for National Trade Portal and Single Window platforms, to reduce costs of cross-border trade in South Asia.

Minister of Finance, Ravi Karunanayake stated that some trade barriers should remain and retained by reducing non tariff barriers which could increase volumes transacted in the Asian Region.

He added that the high tech single window programme was linked facilitating processes of exports and imports in the country. Economic growth can be improved as they are entering into comprehensive trade economic agreements between India, China and other countries, he observed.

US Ambassador to Sri Lanka, Atul Keshap noted that among all of the economic groupings of the entire planet, South-Asia’s regional and intra-regional trade remains too low. Only about 5% of total trade is intra-regional. An intra-regional investment is less than 1%. of overall FDI in South-Asia, observed the Ambassador.

He added that the Indo-Pacific economic quarter is an initiative building closer economic ties across the Bay of Bengal, Asia Pacific and the Indian ocean regions.

Policy clarity and policy consistency helps to level the playing field. It fosters transparency and it provides predictability…. All of these signal to the investor community that you are open for business and will attract foreign and domestic businesses looking for the best places to invest their money and share their knowledge.

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