ECONOMYNEXT – Sri Lanka has discussed the need to balance trade security with experts from East Asian nations at a forum supported by the United States.
“The challenge lies in achieving an equilibrium between enabling smooth trade and ensuring robust security measures,” the US embassy in Colombo said.
“To cultivate trading environments that support legitimate operations and restrict illegal activities, so that countries can not only foster economic growth but also develop that competitive edge within the global marketplace.”
The Embassy partnered with the Sri Lanka Department of Import and Export Control to launch the Sri Lanka Strategic Trade Forum, which brought together government and private sector to address trade security, development of competitive practices for global trade hubs.
Trade regulators from Malaysia, the Philippines and Singapore showcased their national strategies for overseeing the trade and transshipment of strategic items like any ‘dual use’ goods or technologies that can be used for both commercial and military applications.
These play a vital role in advancing innovation across various sectors, including software development, aviation, medicine, and sanitation.
The forum featured insights from Singapore’s Centre for Trade Excellence and the US Department of Commerce as well as Sri Lankan experts from CRDF Global, McLarens Maritime Academy, the Trade Finance Association of Bankers, and the Hub Operators Association.
The event was co-sponsored by the Ceylon Association of Shipping Agents, Gloir.K, Joint Apparel Association Forum, and Shippers’ Academy, and funded by the US Department of State’s Export Control and Border Security (EXBS) Program. (Colombo/Jun28/2024)