International trade and business strategies were top of the agenda during a meeting between the Chargé d'Affaires of the Delegation of the European Union to Sri Lanka and the Maldives, Mr. Paul Godfrey and the Executive Director of the International Trade Center (ITC), Ms. Arancha González, held today in Colombo, Sri Lanka.

Central to the meeting was the upcoming launch of a trade project, which sets out boost Sri Lanka’s potential as a regional and international trading partner. The EUR 8 million (LKR 1.3 billion) EU-funded project, which will be implemented by ITC, has been developed in close partnership with the Government of Sri Lanka under the leadership of the Department of Commerce. The meeting provided a welcome opportunity to engage in an open dialogue, reflect on best practices, trends and developments in the area of trade and the impact Sri Lanka can have as a strong trading partner.

Expressing confidence in the project's ambitions, Mr. Godfrey stated " Increasing exports and trade is a vital part of the Government's strategy for economic growth and job creation in Sri Lanka. The EU is delighted to be working with ITC to support those aims by bringing international experience and best practice to Sri Lanka to identify ways in which the country can fulfil its potential as an important trading partner in the region and beyond."

A joint agency of the World Trade Organization (WTO) and the United Nations, ITC is the only international organization fully dedicated to supporting the internationalization of small and medium-sized enterprises (SMEs). ITC will help Sri Lanka integrate policies and WTO regulatory reforms and ensure the country’s SMEs make the most of the potential opportunities resulting from the EU’s Generalised Scheme of Preferences Plus. The project, is implemented in partnership with UNIDO, which will address compliance standards and efficiencies in-cross border procedures. It will also increase the competitiveness of value chains in the spice, food, information technologies, and business process outsourcing sectors.

Ms. González said: “Sri Lanka has risen steadily to become a regional trade and business hub. ITC is proud to be working in partnership with the Government to support Sri Lankan businesses achieve this objective. This support from the EU will enable us step up work on trade policy, trade facilitation, quality and value-chain development to boost the competitiveness of Sri Lankan SMEs.”

The European Union and Sri Lanka have diplomatic ties that span more than 40 years. Over that time, the EU has provided more than EUR 760 million in aid to Sri Lanka, making it one of the leading international donors to the country. In recent years, the EU has provided support for: people affected by the war; the post-tsunami reconstruction of housing and livelihoods; and grassroots development, aimed at helping the poorest people in Sri Lankan society. In the period up to 2020, the EU will provide EUR 210 million focused on continued support for development in the poorest rural areas and on national reconciliation.