Local industry will be better positioned to attract FDI together with technical expertise, and to establish Sri Lanka’s active participation in the Global Value Chain/Networks through Sri Lanka–Singapore Free Trade Agreement (SLSFTA).
This was said by Minister of Development Strategies and International Trade Malik Samarawickrama in a statement tot eh media. “The SLSFTA has given the right signal to the world that Sri Lanka is ready for business and on the right path for rapid economic transformation for the greater benefit of the public.”
“The SLSFTA is a phenomenal step towards enhancing market access and trade potential, thus, integrating us into the global economy which is opportune, and much needed for Sri Lanka’s economic growth.”
“While refuting and rejecting the wild allegations, accusations and overtly misleading statements made by some politicians and few segments of so called professionals, with vested political interest, which are factually incorrect, I state with responsibility that we have and will always, work with utmost integrity, professionalism, keeping the countries’ best interest at heart.”
The SLSFTA is an integral part of this government’s economic growth strategy and was developed in line with the National Trade Policy developed through a team of experts under the aegis of this Ministry, through a wide stakeholder consultation process.
It is wrong to say that the SLSFTA, was inked without a proper mandate, not followed the correct process and has executed the agreement by misleading the Cabinet of Ministers and even President Maithripala Sirisena.
He also stressed that the ex- Central Bank Governor Arjuna Mahendran had no involvement whatsoever in the SLSFTA. The Minister recalled that the Cabinet of Ministers were duly updated through an Interim Report submitted in August 2017 on the progress, on the areas and extent of liberalization, including the status of consultative process carried out with the stakeholders. The process was initiated with a Scoping Meeting held in July 2016, and since then eight rounds of negotiations were held between the respective negotiation teams.
“Serious accusations are also being levelled against the officials of this Ministry and the negotiating team, who had done a commendable job in completing this important bi-lateral Trade Agreement, under difficult circumstance.
“I reiterate with responsibility, that the SLSFTA was developed through a wide stakeholder consultative process, pursuant to top-level G to G commitments, wherein business and trade chambers, trade associations, relevant public departments, and entities and professional bodies, were engaged.”