The United States, through the United States Agency for International Development (USAID), is supporting the Sri Lankan Ministry of Finance to modernize the country’s trade facilitation infrastructure through the implementation of Sri Lanka’s Trade National Single Window System (TNSWS).
According to the US Embassy in Colombo, the TNSWS, when operational, will streamline the collection of information required for trade, leading to increased transparency and efficiency, reduced costs, and more potential revenue.
As part of the ongoing collaboration, the Department of Trade and Investment Policy of the Ministry of Finance, Economic Stabilization and National Policies with support from USAID recently held a workshop for 94 key TNSWS project stakeholders. The interactive workshop enhanced participants’ understanding of how the single window system works and its benefits. It also encouraged collaboration and sustainability in Sri Lanka’s TNSWS implementation.
“As a long-time partner and Sri Lanka’s largest export market, the United States supports efforts to boost exports and improve efficiency for businesses and government agencies. We are committed to initiatives like the TNSWS, which will make trade more transparent and predictable, easing business challenges,” said USAID Mission Director for Sri Lanka and Maldives, Gabriel Grau.
Mr. K.M. Mahinda Siriwardana, Secretary to the Ministry of Finance, emphasized, “Establishing a trade national single window system is crucial as Sri Lanka recovers from an unprecedented economic crisis. The TNSWS will increase our trade competitiveness and support export growth, leading to sustained economic stability.”
As part of the World Trade Organization Trade Facilitation Agreement, which Sri Lanka signed in 2017, implementation of a TNSWS is required. The implementation of a TNSWS received cabinet approval in 2022.
Over the past year, the United States has provided technical assistance to help the Government of Sri Lanka establish a Project Implementation Unit to lead the TNSWS project. (Newswire)