SEMINAR ON THE “ECONOMIC IMPACT OF FREE TRADE AGREEMENTS”

A seminar on the “Economic Impact of Free Trade Agreements” was conducted by the Organisation of Professional Associations. The speakers at this event were Mr. K. J. Weerasinghe, Chief Negotiator of the Office of International Trade, Mr. Keerthi Gunawardana, President, Federation of Chambers Sri Lanka, and Eng. Lalith Kahatapitiya, Chairman of KIK Lanka (Pvt) Ltd.  The event was organized by the National Issues Committee and the Construction Industry Committee of the OPA.

Describing the vision of the Sri Lankan government with regard to FTAs, Mr. Weerasinghe said that the main aim is to integrate with the largest economies in Asia for export diversification and increased investment. Mr. Gunawardana pointed out that the effectiveness of FTAs can be undermined by the lack of complementary national policies and a mismatch between FTA benefits and the competitive strengths of our industries. Mr. Kahatapitiya stressed the need for an export orientation of domestic industries as well as a focus on high-valued sophisticated products, such as electrical and electronic equipment.

The speakers emphasized that FTAs were not a panacea for all economic ills and that it was also essential to address economic structural issues, engage in export diversification, and encourage entrepreneurship.