Sri Lanka promises EU to present plan to lift import restrictions by June

18 May 2023 09:23 am Views - {{hitsCtrl.values.hits}} 3 Bookmark

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Sri Lanka has promised the European Union (EU), the country’s second largest trading partner, to present a plan by June to lift the import restrictions that came into place in 2020 as a measure to hold on to the fast-depleting foreign exchange reserves.
This was conveyed during the 25th session of Sri Lanka - EU Joint Commission that was held virtually on April 25.
Sri Lanka expressed its intention towards a gradual phasing out of the restrictions, factoring in the current economic conditions.
When the government took the unpopular decision to restrict certain imports towards the latter part of 2020, the EU did not hide its displeasure with the move and asserted time and again that “trade is not a one-way street”.
Since the restrictions came into place, the EU had been repeatedly urging Sri Lanka to steer away from the protectionist trade policies as they were unfair to its trading partners.
The International Monetary Fund (IMF) in March said Sri Lanka was expected to phase out the import and exchange restrictions currently in place.
“Authorities will develop a plan for phased removal of import restrictions and exchange restrictions related to BOP. That plan is due by June 2023,” said IMF Mission Chief Masahiro Nozaki.

Comments - 3

lester Thursday, 18 May 2023 02:19 PM

Ranil only works for the benefit of white man. same reason he took the express pearl law suit to Singapore to limit the damages to the UK shipping company. What else can you expect from a man that worships the monarch. Ranil may not be a dual citizen but he is foreign citizen in his mind.

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Tissa Fernando Thursday, 18 May 2023 05:08 PM

The colombo elites who are continuing to hide their export dollars abroad are canvassing for removal of import ban through their masters European Union so that they can get their luxury goods to maintain their status by utilising the hard earned dollars of migrant workers , little money earned from temporary uptick of tourists and some dollars received from IMF. Then they can continue to boast their flamboyant life style while continuing to look down on migrant workers and cheap tourists.

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Quolp Friday, 19 May 2023 12:22 AM

Those are appearing to be plain words; actually, the Ranil government will not be in a position to relax the restriction on importations.

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