Connect with us

News

Govt. to implement Trade Adjustment Program

Published

on

The President emphasized on the need to gradually liberalize the service sector to attract Foreign Direct Investment into the country and to take steps to gain membership in the Regional Comprehensive Economic Partnership (RCEP).

President Ranil Wickremesinghe made these remarks during his meeting with the officers of the National Trade Negotiations Committee at the Presidential Secretariat on Friday (04).

The President instructed the officers at length about free trade negotiations as well as the future outlook of international trade and on aligning policy priorities in this regard.

He further stated that in parallel to the expansion of international trade activities, the government will implement a Trade Adjustment Program to support the local industries to further adjust with competition.

Access to regional and global supply chains and re-engagement with the global economy to enhance export and export-oriented foreign direct investment is an element of the government’s economic reform program to revitalize the domestic economy.

Accordingly, while further penetrating into the main export markets of USA and Europe, the government is currently engaged in an effort to establish comprehensive free trade agreements targeting large and emerging economies in order increase exports.

For this purpose, the government has taken steps to establish a National Trade Negotiation Committee (NTNC) and the main task of this committee is to revive the negotiations of free trade agreements with strategic importance to India, China and Thailand markets where large foreign direct investment and export potential is prevalent and local industries affected by the economic crisis can obtain capital inputs, raw materials and intermediate goods at a lower cost.

The Secretary to the President and the Secretary of the Ministry of Trade, Commerce and Food Security as well as officials from the Ministry of Foreign Affairs, the Attorney General’s Department, the Treasury, and the Department of Commerce and senior officials from the line Ministries and several others attended this meeting.

President Media Division (PMD)
06.11.2022

News

Sri Lanka Mirror wishes everyone a happy Sinhala and Tamil New Year!

Published

on

By

The 2024 Sinhala and Tamil New Year dawned at 09.05 pm last night (April 13).

‘Sri Lanka Mirror’ extends heartfelt New Year greetings to all our readers. May this upcoming year be filled with boundless happiness, prosperity, and success for each and everyone of you.

–  Sri Lanka Mirror team

Continue Reading

News

Derailed train causes delays on coastal line

Published

on

By

A train has derailed at the Kalutara South railway station on Saturday morning (13).

Trains operating on the Coastal Line are thus experiencing delays, Sri Lanka Railways said.

Continue Reading

News

Kristalina Georgieva to head IMF for a 2nd term

Published

on

By

The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on October 1, 2024.

The appointment comes ahead of the start of the fund’s spring meetings in Washington next week.

Georgieva, who has been in the role since the autumn of 2019, was the sole candidate for the position. However, it was only after European leaders signalled that they would endorse her last month that her candidacy was assured.

In a statement, the coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah has said, “Looking ahead, the Board welcomes Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership. It recognizes her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing. The Board looks forward to continuing to work closely with the Managing Director.”

“I am deeply grateful for the trust and support of the Fund’s Executive Board, representing our 190 members, and honored to continue to lead the IMF as Managing Director for a second five-year term,” Ms. Georgieva has said.

The Bulgarian national has served as Managing Director since October 1, 2019. The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in overseeing the Fund’s operations, which serve its membership through about 3,100 staff.

Continue Reading

Trending

Copyright © 2023 Sri Lanka Mirror. All Rights Reserved