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China's decision to offer Sri Lanka more preferential concessional tariff rates for over Sri Lankan 700 products will help boost the country's future exports to China, Liu Shiwei, Counellor (Economic and Commercial) of the Embassy of the People's Republic of China said.

According to a report by the Ceylon Chamber of Commerce which analysed the impact of China's accession to the Bangkok Agreement had predicted Sri Lanka's export of food items and manufactured goods to China would increase by 15.61 percent and 7.24 percent.

Mr. Shiwei said that he was more optimistic than the predictions and added that China's accession would boost trade among all membership countries.

He was addressing a presentation on Trade Opportunities in China in Colombo recently.

"In April 2000, China's membership of the Bangkok Agreement was unanimously acceded. Tariff concessions exchanged, as a result of the accession, will surely promote the development of their trade relations," he said.

According to China's Custom statistics, the total volume of trade between China and Sri Lanka by the end of 2000 accounted for US$ 458 million. While China exported to the value of US$ 446 million, Sri Lanka exported items worth US$ 13 million to China.

Among the main products exported by China were machinery and electrical products, garments and accessories, chemical products, tyres, hi-technology products, paper and paper board, steel products and food products.

The main products exported by Sri Lanka to China were natural and synthetic rubber, tea, cotton textiles, transformer and parts, machinery and electric products.

Along with China's accession to WTO and the Bangkok Agreement the trade between our two countries will be further developed provided appropriate measures are adopted," Mr. Shiwei said.

He said the fact that China is the world's largest market with big growth potential and the Chinese people have increased their buying power it would be beneficial for Sri Lanka to enter the Chinese market.

Interested investors should firstly advertise in various Chinese media, especially on TV as it is the most popular medium in China. Secondly, you can rent a counter or a stall in a big department store in a big city. Many Chinese visit these department stores every day. Thirdly, you should participate in various trade fairs and exhibitions organised in more than 15 capital cities of the provinces," Mr. Shiwei said.

He said investors thus entering the huge market in China would find a great opportunity to sell their produce. 

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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