European Trade Delegation Arrives in Sri Lanka for Capacity Building Project

Strategic Insights -

A top European trade delegation has arrived in Sri Lanka to formulate a trade-related capacity building project, worth US$ 8 million, to enhance the performance of the country's export sector. The project, scheduled to implement from 2016, will be funded by the European Union. The delegation met with Commerce and Industries Minister Rishad Bathiudeen, who expressed gratitude to the European Commission for their support.

Key Takeaways:

  • The European Union is funding a US$ 8 million capacity building project in Sri Lanka to enhance the country's export sector performance.
  • The project, scheduled to implement from 2016, will be coordinated by the International Trade Centre (ITC) in Geneva, with the Sri Lanka Department of Commerce as the local coordinator.
  • The European Union is Sri Lanka's single largest export market, accounting for 32% of the country's total exports in 2015, valued at US$ 3.21 billion.
  • Total trade with the EU in 2013 was US$ 4.95 billion, with exports standing at US$ 3.28 billion and imports at US$ 1.67 billion.
  • The European Commission has given Sri Lanka ongoing support in trade capacity building, with a consultation process starting in October 2015.
  • The International Trade Centre has previously supported the Sri Lankan Commerce and Industries Ministry in 2012 and July 2014 with the 'Performance Improvement Roadmap' for the Export Development Board (EDB).

Statistics:

  • Total exports to EU in November 2015: US$ 3.21 billion (32% of total exports)
  • Total trade with the EU in 2013: US$ 4.95 billion
  • Exports to EU in 2013: US$ 3.28 billion
  • Imports from EU in 2013: US$ 1.67 billion

Sources:

  • Daily News Sri Lanka, January 26, 2016
  • The Associated Newspapers of Ceylon Ltd. (Copyright 2014)
  • HT Syndication with permission from Daily News Sri Lanka.