According to a recent study conducted by Verité Research, Sri Lanka has been ranked 104th out of 125 developing and least developed countries (LDCs) in terms of its implementation of trade facilitation measures over the past six years.
According to a recent study conducted by Verité Research, Sri Lanka has been ranked 104th out of 125 developing and least developed countries (LDCs) in terms of its implementation of trade facilitation measures over the past six years.
The study reveals a concerning fact that 21 out of 35 LDCs have made more progress in implementing these measures compared to Sri Lanka. Despite a slight improvement from a rate of 29% in 2017 to 31.5% in June 2023, Sri Lanka's progress remains relatively minimal.
Furthermore, Sri Lanka has acknowledged its limited capacity to implement trade facilitation measures compared to other LDCs. The country has stated that it requires external assistance for more than 69.3% of these measures.
In contrast, developing countries, on average, claim to need external assistance for only 21.7% of trade facilitation measures, while LDCs require assistance for around 40%. Among the 125 LDCs and developing countries that are part of the World Trade Organisation's Trade Facilitation Agreement (WTO TFA), only 10 countries, including Sri Lanka, have requested external assistance for implementing over 69% of these measures.
