The Ceylon Chamber of Commerce (CCC) has emphasized the critical need for Sri Lanka to enhance its global competitiveness through strategic exploration and utilization of agreements, particularly in comparison to key regional players such as Vietnam, Thailand, Malaysia, China, and Singapore.
CCC Chief Duminda Hulangamuwa emphasized that Sri Lanka must aim for an 8 to 9 percent economic growth rate by strategically accessing international markets. Hulangamuwa cautioned against relying solely on a 2 to 3 percent growth rate, deeming it insufficient for the country's economic aspirations.
Chief Negotiator K. J. Weerasinghe echoed the sentiment, advocating for alignment with the government's vision to secure global market access and attract investments. He proposed a three-pillar strategy focusing on safeguarding and enhancing existing trade partnerships with the US and European Union, expanding market access in South Asia (including Bangladesh, Pakistan, China, and India), and increasing market access in East Asia (with a focus on Thailand, Malaysia, and Singapore).
Weerasinghe highlighted the urgency for Sri Lanka to seize upcoming trade opportunities, noting the missed opportunities over the past five years. Deshal de Mel, Advisor at the Ministry of Finance and Head of Trade in Services Chapter, stressed the significance of Free Trade Agreements (FTAs) in the country's economic recovery strategy. He emphasized the importance of integrating into global and regional value chains, particularly in moving away from traditional sectors dominating the economy towards non-debt-creating avenues and diversified exports.
De Mel underscored that FTAs facilitate access to regional trade value chains, enabling sustainable economic growth. He emphasized that long-term economic growth hinges on productivity, which, in turn, depends on competitiveness in global markets.
