Daily News Blog

Import-export legislation: Improper implementation causes issues

The Ministry of Trade, Commerce, Food Security and Co-operative Development stated that while the current laws and regulations governing imports and exports are strong enough, certain issues have however arisen due to improper implementation.
Speaking to The Daily Morning, Deputy Minister of Trade, Commerce, Food Security and Co-operative Development R.M. Jayawardena said that the existing regulatory framework provides adequate provisions to govern trade operations. “There is no problem with the rules and regulations regarding imports and exports. The existing ones are sufficient. However, there are cases where they are being misused, or not implemented properly. We are in the process of addressing that issue.”
He also added that if they come across any minor shortcomings in the related laws and regulations, the Ministry is prepared to take necessary steps to address them. “If there are minor gaps in certain rules and regulations that we get to identify in the future, we will take necessary steps to do the needful. But, overall, the existing framework is sufficient.”
Throughout the past, reports have surfaced regarding irregularities and alleged corruption in import and export operations, including the misuse of licences, the undervaluing of goods, and the manipulation of documentation to evade taxes. These incidents have led to calls for tighter monitoring mechanisms in relation to documentation and approvals.
Meanwhile, Sri Lanka continues to focus on reducing non-essential imports and increasing export earnings as part of its economic recovery strategy. The Government has stated that they would prioritise promoting value-added exports, improving trade competitiveness, and strengthening domestic production to stabilise the trade balance and ease pressure on foreign reserves.

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