Participating in the World Economic Forum 2025, Sri Lanka has outlined a comprehensive trade and governance agenda aimed at reinforcing its position as a responsible global trade partner. Minister of Industry and Entrepreneurship Development Sunil Handunnetti held a key bilateral discussion with WEF’s Head of Sustainable Trade, Kimberly Botwright, during the summit.
Sri Lanka presented five core focus areas to drive forward its global trade strategy:
1. Strategic Positioning:
The country reaffirmed its commitment to rules-based and transparent trade governance, amid global economic fragmentation. It emphasized its strategic Indian Ocean location and role as the current Chair of the Indian Ocean Rim Association (IORA), positioning itself as a vital logistics and trade node.
2. Trade Realignment
Efforts to diversify away from traditional Western markets were highlighted, with Sri Lanka aiming to expand trade with high-growth Asian and African economies. Ongoing talks with China and Singapore and a proposed trade pact with Indonesia were cited. The country also seeks to move its key exports, like apparel and tea, higher up the value chain through ESG compliance and innovation.
3. Responsible Trade Practices
Sri Lanka underscored its adherence to international labor and environmental standards to avoid future regulatory hurdles from the U.S. and EU. Proposals were also made to partner on green economy initiatives, including sustainable ocean industries and renewable energy projects.
4. Tackling Structural Challenges
Minister Handunnetti called for WEF support to advocate for renewed U.S. tariff preferences such as GSP+, and to resolve non-tariff barriers including those affecting palm oil trade with Indonesia. Sri Lanka also requested technical assistance to improve digital trade infrastructure and e-commerce accessibility for SMEs.
5. Institutional Reforms and Partnerships
The country outlined its trade policy modernization plans to align with global frameworks such as CPTPP and RCEP. Sri Lanka invited WEF to facilitate investor dialogues with key local industries and provide capacity-building support.
In closing, Sri Lanka proposed the establishment of a joint WEF-Sri Lanka Task Force to implement the outlined priorities, with quarterly progress reviews.
“Sri Lanka does not merely seek economic relief, but relevance in a fragmented global trading system,” Minister Handunnetti stated, calling the country a “bridge between emerging and developed economies.” (Newswire)
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