Australian
Commissioner David Holly and Chairman of the Export Development Board Prabhash
Subasinghe recently met at Australia House Colombo to discuss the way forward
in improving bilateral trade ties, consistent with the new government's vision.
Australia has been recognised as the largest market in the Oceania region as an
economically important country for Sri Lankan exporters to discover new
opportunities in both product and service sectors. Also discussed in detail at
the start was the post-COVID situation and actions taken to propel the economy.
The Chairman of
the EDB highlighted ongoing export promotion initiatives in the recent past and
the untapped opportunities available in Australia. During the discussion, it
also revealed that the Australian Trade Commission (AUSTRADE) considered organising
the mutual benefits for both countries based on proposals submitted by the EDB,
a Business Forum, and B2B Meeting Sessions for the Seafood Sector.
Opportunities to
promote Sri Lanka as a logistics hub for Australian manufacturing firms also
discussed with the possibility of holding a meeting for Sri Lankan commercial
hub operators with Australian business people. Highlighting that the ICT / BPM
sector is one of the most critical sectors in the category of export services,
it noted that further promotion was needed to endeavour to achieve full
potential.
The High
Commissioner explained the TIFA initiatives and the current status of the
activities between the two countries. EDB Chairman requested that the
regulatory requirement process for selected Sri Lankan fresh products such as
moringa, mango, and herbal products expedited in the Australian market. Citing
Australian investments in apparel, ICT, rubber sectors already in Sri Lanka, the
commissioner suggested identifying mutual benefiting other export sectors that
could add value in Sri Lanka and export to other markets taking advantage of
the existing FTAs.
The High
Commissioner agreed to share the information on Australia Awards capability
building/training opportunities for Sri Lankan entrepreneurs and officials to
build their ability to diversify and expand exports to the Australian market. Australia
market is significant to the Sri Lankan export market, with an average growth
of 6 per cent over the past five years. It is Sri Lanka's 13th export
destination and has a tremendous ethnic demand for products from Sri Lanka.
OSL Take: The
growth in trade sandwiched between Sri Lanka and Australia is an indication of
the growing bilateral interactions between the two countries. The two countries
have also endorsed the Australia-Sri Lanka Trade and Investment Framework
Agreement, which offers a practical discussion for our two governments to
tackle trade issues.
The announcement
by the Australian High Commissioner to Sri Lanka is an optimistic note on the
growing bilateral and trade ties among the two countries. Due to the increase
in trade sandwiched between the two countries, Australian businesses/investors
could look at exploiting the advantages enjoyed by Sri Lanka in international
trade. Sri Lanka's geographic positioning in the Indian Ocean, the ease of
doing business atmosphere in the country, and the many trade accords, as well
as trade privileges enjoyed by the state, have made it an alluring business
destination in the South Asian region.
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