OVERVIEW OF THE TRADE ADJUSTMENT PROGRAMME

1.Rationale

As Sri Lanka embarks on a process of trade liberalization, either through unilateral measures like the steady removal of para-tariffs, or bilateral tariff reduction through Free Trade Agreements (FTAs), there is a need to manage the potential challenges that domestic industries would face. In order to do this, the Government envisaged introducing ‘trade adjustment’ to improve the competitiveness of firms and workers. It was recognised that the Sri Lankan economy shows several frictions that could prevent it from fully benefiting from openness to international trade and the challenges that opening up after years of protectionism can create. In the short to medium-term, either due to the nature of trade liberalization (TL) or due to inherent rigidities in the Sri Lankan market, there is a need facilitate the conditions for smoother transition so that it creates a win-win situation for everyone. As such, a trade adjustment program (TAP) is needed to help firms and workers better adjust to new market conditions brought on by trade liberalization.

Sri Lanka’s participation at the EXPO 2020 DUBAI - 20th October 2020 to 10th April 2021 in Dubai, United Arab Emirates

The World Expo is one of the oldest and largest international events taking place every 5 years and lasting for 6 months where everyone can learn, innovate and create progress by sharing ideas and working together through a common theme.  United Arab Emirates (UAE) has been selected as the host country for the forthcoming event to be held in year 2020. This World Expo will be held for a period of six months from 20^th October 2020 to 10^th April 2021 in Dubai under the theme “Connecting Minds, Creating the Future”. The World Expo in Dubai in 2020 will be the first to be held in the MENA & SA (Middle East and North Africa & South Asia) Region.