Finance and Media Minister Mangala Samaraweera said Sri Lanka was in the process of implementing comprehensive unilateral trade liberalization.

"This includes the rationalization of para-tariffs which add costs to business and consumers. In addition to unilateral trade reforms, the government is in the process of entering into strategic trade agreements with key regional economies," Samaraweera said, addressing a Chamber of Commerce event in Colombo yesterday. 

"We recently signed our very first comprehensive FTA with the Singapore and two other comprehensive FTAs are being negotiated with China, India, and other ASEAN nations. Along with GSP + Sri Lanka will soon have market access to India, China, and Europe, making the country a unique destination for investment. This network of FTAs will enable Sri Lanka to meaningful integrate into regional value chains to drive future trade and economic growth," he added.

The Minister also said, "The government has been working on bringing in key reforms during last two years. The Budget 2018 marked as a milestone of reform agenda. A new Foreign Exchange Management Act was introduced last year, easing many restrictions imposed on external sector transactions. 

. The government is committed to further facilitation of the investment climate through a well thought out programme for eliminating barriers in the business environment. A clear set of comprehensive investment incentives have also been spelled out. Sri Lanka is poised to be a major source of investment for companies looking to use Sri Lanka as a base to tap into the fast growing Indian Ocean region. I trust you will grab this opportunity with both hands – and we will support you all the way."