Sri Lanka to reform trade policy and establish business facilitation centre

The Sri Lankan Cabinet has announced several initiatives aimed at restructuring the nation's trade and economic policy to foster an export-driven economy.

A new National Business Facilitation Centre (NBFC) will be established under the Presidential Secretariat. This center is designed to coordinate various state agencies, remove administrative barriers, and implement cross-ministerial policies that fall outside the remit of a single ministry. The goal is to streamline processes for sectors such as export zones and medical tourism by aligning the efforts of agencies like Customs, the Board of Investment, and the Treasury.

Additionally, the government is preparing to appoint a specialized expert panel to conduct a strategic review of existing Free Trade Agreements (FTAs), including those with India and Pakistan. This panel will evaluate the effectiveness of current trade commitments and identify new bilateral opportunities to improve market access, attract investment, and drive export growth as part of the country's ongoing economic recovery.