C'wealth hails Lanka's massive growth
‘Our success in EU markets is not accidental’-
Minister Rishad:
Minister Bathiudeen
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Despite a deepening price competition due to the recession in the
coveted EU single market, Sri Lanka has become a dependable supplier to
the Eurozone sending $ 3560.41 million exports in 2011.
And as Sri Lanka's announced GDP surpassing Rs 6.5 trillion mark and
reporting a 8.3% growth, the Commonwealth hailed its rapid economic
growth.
“Our $ 3560 million export success to EU market in 2011 is not
accidental.
There are reasons for our resilience in EU market -they are Sri
Lanka's values of corporate responsibility in manufacturing, ethical
differentiation of products complying with required international
standards, and reliability of Sri Lanka as a supply side location” said
Minister of Industry and Commerce Rishad Bathiudeen.
Minister Bathiudeen said this inaugurating the top national forum
themed “EU Trade Policy and the Way Forward for Sri Lanka” on March 26
in Colombo. Organized by the Commerce Department in close collaboration
with the Sri Lanka Export Development Board and in coordination with the
Commonwealth Secretariat in London, the session, held at the Sri Lanka
Export Development Board Auditorium saw participation by experts from
such international entities as UNCTAD, Overseas Development Institute of
London and the Commonwealth Secretariat.
Speakers and panelists were drawn from international experts in
subject areas, as well as from the public and private sectors of Sri
Lanka. Among institutions giving presentations in the session are IPS
(Colombo), UNCTAD, the Commonwealth Secretariat, Department of Commerce
London's Overseas Development Institute, MAS Intimates and academics
from Sri Lankan Universities. Among the topics discussed during the
forum are overview and principal WTO Notifications since 2005, Doha
Round and prospects for regionalism, implications for Sri Lanka due to
changes to EU's Trading Agreements and its GSP Regime, harnessing
regional trade opportunities and promoting export-led growth and
development as the way forward for Sri Lanka.
“We in Sri Lanka are now on the threshold of a new era of peace,
prosperity, security and dignified living and freedom for a large
majority of people in the North and the East thanks to the visionary
leadership of Mahinda Rajapaksa, our President. I am pleased to note
that in 2011, our GDP surpassed Rs 6.5 trillion mark with a growth of
8.3% announced just this weekend” Minister Bathiudeen said.
In 2011, Sri Lanka's exports to EU stood at $ 3560.41 million, taking
35% share of Sri Lanka's total export earnings for the year. The top EU
five recipients receiving our exports were UK, Italy,Germany, Belgium
and France.
“The impressive economic growth and rapid export expansion in Sri
Lanka are outstanding among the developing countries.
This is in stark contrast to neighbouring countries where little
trade is conducted within the region than the outside” said Edwin
Laurent (CMG, OBE), Adviser and Head of Section of Int'l Trade and
Regional Cooperation Economic Affairs Division, addressing the session.
“It will be positive for Sri Lanka to work with the Commonwealth.
We at C’ Wealth Secretariat, focus on issues and challenges that do
not receive due recognition or prominence. We seek to bring to the table
our familiarity in regional trade arrangements and also facilitate
informed policy discourses, such as today's event.
In this regard, regional trade arrangements such as SAFTA are very
welcome. But non-tariff barriers have become an impediment to trade
within this region and as a result, have offset trade gains
considerably,” he said. |