Understanding the preferences of the market and applicable standards is the key for Sri Lankan companies to expand their presence in China. China is the most lucrative market in the world.  Therefore, the United Nations, China and the Sri Lanka Embassy in Beijing jointly launched the “UN-China-Sri Lanka Triangular Cooperation on Trade and Investment Facilitation Empowerment”, on 23 June 2022, bridging Sri Lanka and China, as the two countries celebrate 65 years of excellent bilateral relations.

While speaking at the event, Ambassador Dr. Palitha Kohona, stated that, China has assured that it will facilitate increasing imports from Sri Lanka to assist Sri Lanka to overcome the current economic crisis. Especially, market space will be increased for products being exported to China, such as Ceylon tea, garments, coconut products, biscuits, sea food, gemstones etc. At the same time, there is potential for other new Sri Lankan exports to enter this market. Therefore, he encouraged Sri Lankan exporters to grab this opportunity and explore opportunities for diversifying and increasing Sri Lankan quality exports to the lucrative Chinese market. China is Sri Lanka’s largest trading partner, top exporter, as well as the major source of Foreign Direct Investment (FDI).

The Chairman of the Sri Lanka Exports Development Board (EDB) Mr. Suresh de Mel, said that this would be a great opportunity for Sri Lanka to understand the Chinese market and its standards. He emphasized the necessity for grabbing the opportunities to enter into the lucrative Chinese market to come out of the current economic situation.

Mr. Siddharth Chatterjee, Resident Coordinator of the United Nations said that, the focus was on Chinese standards, empowering manufacturing and trade enterprises from Sri Lanka and bolstering trade and investment cooperation between the two sides. He said that, in an increasingly economically interdependent world, the lack or inconsistency in standards will impede international trade.

Ms. Yu Lu, Deputy Director, China Chamber of Commerce of I/E of Foodstuffs, Native Produce and Animal By-products (CFNA) made a very helpful presentation on the “Import Standards and International Trade Practices of Agricultural Products”. Dr. Li Li, Founder and CEO of O-Tech, Chief Expert of Asia Pacific Model E-Port Network (APMEN), Certified Expert of World Customs Organization, Member of National Customs Origin Management Technical Committee, educated the audience on the “Criteria and Application in International Trade in China”.

More than 75 online and offline participants from both the Government and Private sectors of Sri Lanka and China joined the session.

Embassy of Sri Lanka

Beijing

24, June 2022