Feb 21, Colombo: The Ceylon Chamber of Commerce recently released a document containing recommendations on helping Sri Lanka's industries prepare for trade liberalization.
The policy brief titled, 'Building Resilience, Supporting Growth: Preparing the Domestic Private Sector for Trade Liberalization', provides insights on how to consider the types of firms, as well as types of impacts, in a wide-ranging liberalization effort, and puts forward 11 specific suggestions on support measures.
Speaking on the release of this document, the Chief Economist of the CCC Anushka Wijesinha noted, "At a meeting last year, the Ministry of Development Strategies and International Trade met representatives of the private sector and indicated the Government's plans to embark on an ambitious trade liberalization effort. Chambers were invited to suggest measures that can be put in place to help domestic businesses adjust to meet the challenges and opportunities of this process. While specific proposals on support measures can only be developed once the specific scope of the liberalization exercise was made clear (products, sectors, and so on) the CCC formulated a note containing the overarching framework the government should consider, and submitted initial recommendations on what support measures can be deployed".
This document has now been published for wider dissemination, with the aim of stimulating discussion, as well as action, on the next steps. It is available for download on the CCC website www.chamber.lk.