Dec 25, Colombo: The Sri Lanka Export Development Board (EDB) has recently signed a memorandum of understanding with the Swiss Import Promotion Programme (SIPPO) which operates under the State Secretariat for Economic Affairs (SECO) of Switzerland to conduct market research studies.

Dominik Furgler, Ambassador for Switzerland in Sri Lanka and Mr. Suresh D de Mel, Chairman & CE of EDB signed the MOU on behalf of the respective organizations.

SIPPO facilitates EDB to carry out comprehensive market research studies for selected Sri Lankan export product sectors namely, Processed Food, Sustainable Fish & Seafood and Value-added Textiles aiming to better integrate Sri Lanka into world trade.

SIPPO will conduct these market research studies through competent international sector experts to provide first-hand information on market access requirements to the member countries of the European Free Trade Association (EFTA) including Iceland, Liechtenstein, Norway, Switzerland and selected EU countries especially in the Eastern Europe.

According to the EDB, the proposed Market Studies will cover the areas of present trade regulations, non-tariff measures & technical regulations, market access requirements, packaging & labelling, quality standards & certifications, trade related environmental & social requirements, pricing, logistics, information on distribution channels and market demand analysis related to each selected sector for the identified markets in the EU Region.

The sectoral market study reports will also include details of main buyers in the identified countries and this will result in Sri Lankan exporters to expand market access and enhance market share in the European region.

The research findings will be disseminated among Sri Lankan export community and related private and public sector organizations via series of online sectoral webinars. The reports will also be made available in the EDB website for the benefit of the public.

Currently, more than 6,000 products are eligible for zero duty access to the EU region under EU GSP+ scheme. Sri Lanka has done USD 2, 948 million worth of exports to EU region in 2021 which contributed for 24% of Sri Lanka’s total export earnings amounting to US$. 12 .2 billion in 2021.

“Sri Lanka has potential to expand the market share by entering into new/untapped markets enjoying the zero duty market access offered the EU GSP+ Scheme,” the EDB said.