As part of its new internationalisation thrust, the second largest economy in North America directly called for a fresh trade round with Sri Lanka on 18 November while Sri Lanka beamed with satisfaction on its success with yet another NAFTA member-and more than 100 Lankan firms of all sizes packed EDB’s pioneering ‘Exporting to Canada’ session in Colombo. ““I see great potential and synergy here today to do business with Canadian businesses and the Canadian import market. We are in a continuous process of internationalising-especially targeting emerging markets” said a determined (HE) Ms. Shelley Whiting (the Canadian High Commissioner in Sri Lanka) on 18 November in Colombo.

(HE) High Commissioner Ms Whiting was addressing the pioneering EDB session “Exporting to Canada” held at EDB on 18 November where more than 200 eager reps from 100 Lankan firms of all sizes thronged. Also joining the session were Rishad Bathiudeen (Minister of Industry and Commerce), Bandula Egodage  (Chairman & CEO, EDB), Zaki Munshi (Project Manager,  Asia-Trade Facilitation Office, Canada), Sujatha Weerakoone (DG-EDB), Dr Yousuf Maraikkar (ED-EDB), Stanley Gomes (Senior Canadian Trade Officer, Bangalore) and officials from Sri Lankan Consulate, Toronto.

“I see great potential and synergy here today to do business with Canadian businesses and Canadian import market. Our aim is to build ties and extend businesses between both countries. The presence of TFO Canada in Colombo today speaks of the enormous economic progress underway in Sri Lanka right now and Sri Lanka’s potential as a trade partner for Canadian Companies. 54% of Lankan imports Canada are apparel. Canada has established an important share in Sri Lanka’s market for wheat and other agricultural commodities. 83% of Canadian merchandise exports to Sri Lanka in 2013 consisted of wheat and lentils” said (HE) High Commissioner Ms Whiting and added: “Canada and Sri Lanka share a broad-based bilateral relationship, with long history of development assistance to Sri Lanka beginning with Colombo Plan and continuing through today where Canadian technical assistance is focused on building sustainable economic growth-and all the locomotives that arrived under the Plan 60 years ago are still functioning today! I think these Canadian workhorses are in many ways are symbolic of Canada’s trade relationship –longstanding, reliable, quality products, somewhat a small scale, but in for the long haul. We have a growing and significant presence in Sri Lanka’s education, agriculture, IT, energy, and infrastructure. Just as Sri Lanka engages in a large export volume to India, our main partner is also in our neighbourhood-in our case, the US. However, as various people have acknowledged, we are not defined by that trading relationship alone. We are in a continuous process of internationalising-especially targeting emerging markets. Just this September, the Canadian government celebrated its most successful month for trading and investment in Canadian history. Like Sri Lanka, Canada too has entered to several Trade Agreements including EU, Korea, etc. Starting from North America Free Trade Agreement (NAFTA), Canada has signed nearly 24 FTAs with the world. We also have seen five-fold increase in Canada-India trade in the recent years.”

Sri Lanka’s bilateral trade with Canada has shown a continuously growing trend in the last few years. The $ 346 Mn trade in 2009 surged by 26.23% to cross $437 Mn in 2013.

Minister Bathiudeen, addressing the event, said: “With the support of our committed exporters, HE the President Mahinda Rajapaksa has set a goal of $ 20 Billion exports by 2020. As we aim at this goal, not only diversification but even deeper access to existing markets have become important. Canada is in fact a promising destination in this regard. Last year our bilateral trade with Canada stood at $437Mn.  Firstly Canada’s consumer market is about 2.25% of the world’s total consumer market. The neighboring US market which is also the largest market in the world, has 28% of the world’s total consumer market.  Therefore the Canadian market which is located just next to our biggest global marketplace not only offers its own opportunities for Lankan exporter, but even new openings to US market as well. It is clear that $437 Mn trade with Canada market also shows great unrealized potential that we can begin to explore. Today’s session with the valuable support of Trade Facilitation Office of Canada (TFO Canada), and Sri Lankan Consulate in Toronto, could help our committed exporters to explore this promising North American market with added strength. I have no doubts that in time to come, with the support of TFO Canada our EDB will be able to open new doors in Canada to our keen exporters. Therefore on behalf of the people of Sri Lanka, I extend our warmest appreciation to the people of Canada today for this and many other support initiatives.”

Among the 106 Lankan private sector giants at the 18 October session were A. Baur, Hayleys Exports, Eswaran Brothers, Ceylon Biscuits, Ramya Horticulture, Akbar Bros, Barbara Sansoni, Dankotuwa Porcelain, Samson Rubber and Anverally.