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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka to revise some provisions in South Asian trade deals: minister..

Sri Lanka to revise some provisions in South Asian trade deals: minister..

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Rizmi

Rizmi
Manager - Equity Analytics
Manager - Equity Analytics
Sri Lanka's cabinet has decided to make changes to free trade deals where necessary with South Asian nations after having discussions with counterparty country or countries concerned, minister Keheliya Rambukwelle said.

He said, whether a trade deal concerned India, Pakistan or Maldives, the cabinet had decided to make period reviews to see whether domestic producers were affected by trade deals.
Minister Rambukwelle, who is cabinet spokesman said any change will be made after discussing with the counterparties to the trade agreements he said.

Attention will be paid through periodic revisions, to whether imports affected a sector where large numbers of people were employed.

Sri Lanka has seen a rise in trade protectionism in recent years with increasing restrictions placed on citizen's ability to trade with others, in a effort to become 'self-sufficient' and discourage imports.

Protectionism was first invented in the US, by Alexander Hamilton and later spread to Europe via Germany. Trade protection gives rents to producers and takes away incentives to become more efficient.

Protection may also be a 'tax' on exports through the bidding up of wages and raw material prices.
Some of the earliest trade restrictions on the citizens of Sri Lanka were imposed by the Dutch East India company.

http://www.lankabusinessonline.com/fullstory.php?nid=477188660

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