Directions No. 01 of 2018 under Foreign Exchange Act, No. 12 of 2017 Directions issued to Authorized Dealers on Payments for Imports made on Advance Payment (Cash-in- Advance) Terms
In the recent edition of the ‘TIPS’ column by the EIU, we focussed on the need for the business community to agitate for speedy implementation of trade facilitation reforms, anchored to the WTO Trade Facilitation Agreement that entered into force in February, which Sri Lanka is a signatory to.
TIPS Vol 18 – Businesses Must Agitate for Early Implementation of Trade Facilitation Reforms
We also had an informative seminar around this topic on Monday, where the DG Commerce and Addl DG Customs spoke on how the government is planning on implementing TF reforms, while Dinesh De Silva, Chairman of the Import Section, provided a private sector perspective. This was part of the ‘Trade Intelligence for the Private Sector’ (TIPS) initiative of the Chamber. Commerce and Customs the two co-chair institutions of the National Trade Facilitation Committee, the apex body driving the reforms. Member companies of the Ceylon Chamber have the opportunity raise their issues related to trade facilitation through this process, and must take full advantage of it to resolve their TF issues and advocate for speedy implementation of the agreement.
Our recent ‘TIPS Trade Insight’ piece that delves into more detail is available here – https://www.chamber.lk/trade-facilitation-agreement-what-business-needs-to-know-v/
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