A delegation of the Sri Lanka National Arbitration Centre visited Dhaka, Bangladesh from 21 to 23 April 2024
Showcasing Sri Lankan culinary excellence at the Embassy Chef Challenge in Washington DC
Brief Report on “Sri Lanka Beyond Your Dreams” held on 08th March 2024, Hilton Hotel, Dubai, UAE
Towards a digital Sri Lanka: Sri Lankan Embassy in Washington DC hosts an interactive discussion
Sri Lanka Tourism shines bright in Tunisia
Sri Lanka Thailand Free Trade Agreement (SLTFTA )
Sri Lanka Tourism Promotion event in Alexandria Governorate
SRI LANKA SHINES BRIGHT AT VIETNAM EXPO 2023: INNOVATIVE APPROACH FOR FUTURE COLLABORATION

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Vision

“Raising living standards of the people through international trade relations”

Mission

“To develop and promote Sri Lanka’s foreign trade relations at bilateral, regional and multilateral levels by the effective implementation of government trade policy, with a view to raising the standards of living and realizing a higher quality of life through the increase of total production, income and employment levels, thereby actively contributing to the overall economic growth of Sri Lanka.”

Department of Commerce

Details
Category: SAARC Preferential Trading Agreement(SAPTA)

The SAARC Preferential Trading Arrangement (SAPTA) reflected the desire of the Member States to promote and sustain mutual trade and economic cooperation within the SAARC region through the exchange of tariff concessions.

The idea of liberalizing trade among SAARC countries was first mooted by Sri Lanka at the sixth Summit of the South Asian Association for Regional Co-operation (SAARC) held in Colombo in December 1991.

Four rounds of negotiations were held under SAPTA. SAPTA was envisaged primarily as the first step towards the transition to a South Asian Free Trade Area (SAFTA) leading subsequently towards a Customs Union. Accordingly SAPTA was superseded with the implementation of SAFTA. Product coverage was limited under SAPTA and usage of tariff preferences under the SAPTA has been gradually decreasing.

SAPTA - at a glance

Date of signing of the agreement Date of coming into effect Members Negotiation approach Products coverage
11th April 1993 07th December 1995 Bangladesh, Bhutan, India, Maldives,
Nepal, Pakistan and Sri Lanka		 Positive List Over 6,500

 SAPTA Rules of Origin Criteria (RoO) under SAPTA applicable to Sri Lanka - at a glance

Wholly obtained products

Not Wholly obtained products

√

General Rule

Cumulative Rule

40% < DVA

50% < RAC

 

 

 

 

 

 

 

 

DVA = Domestic Value Addition

RAC = Regional Aggregate Content

 

Statistical Analysis

Sri Lanka’s country wise exports and imports under SAPTA  

                                                                                                                                                                                                Value in US$ Mn

Country

2017

2018

2019

2020

2021

Export

Import

Export

Import

Export

Import

Export

Import

Export

Import

India

         2.89

         0.07

         2.86

         0.18

         1.54

         0.07

         0.66

         0.09

         1.22

         0.10

Bangladesh

         1.52

-

         0.55

0.024552

         0.19

         0.04

         0.11

         0.04

         0.13

         0.03

Pakistan

         0.04

         0.11

         0.03

         0.03

          0.00

-

-

-

-

-

Maldives

         0.04

-

         0.06

-

-

-

-

-

         0.07

-

Nepal

-

-

0.012608

-

         0.01

-

-

-

-

-

Total

         4.49

         0.18

         3.52

         0.23

         1.75

         0.11

        0.78

         0.12

         1.42

         0.13

Source: Sri Lanka Custom

                                                                             

   

 Sri Lanka’s product wise exports under SAPTA

                                                                                                                                                                                                               Value in US$ Mn

HS

Description

2017

2018

2019

2020

2021

Change in 2021 over 2020 (%)

Share in 2021 (%)

400821

Other non- cellular rubber : Plates, sheets and strip

         2.10

         1.68

         1.19

         0.36

         0.81

                 127.92

           57.19

401693

Other : Gasket,washers and other seals : Other

         0.30

         0.35

         0.21

         0.20

         0.40

                   99.53

           28.09

350520

Glues

         0.12

         0.10

         0.17

         0.11

         0.13

                   23.12

               9.44

090230

Black tea

         0.00

         0.00

-

               -  

         0.05

                          -  

               3.60

Other

  

         1.96

         1.39

         0.18

         0.11

         0.02

                 (77.98)

               1.68

Total

         4.49

         3.52

         1.75

         0.78

         1.42

                  83.60

         100.00

Source: Sri Lanka Custom