Sri Lanka has granted tariff preferences to a wide range of imported products under the following trade agreements and trade agreements. Sri Lanka`s trade relations with India marked a historic milestone when the India-Sri Lanka Free Trade Agreement (ISFTA) was signed on 28 December 1998 as Sri Lanka`s first bilateral free trade agreement. The ISFTA came into force on March 1, 2000. The ISFTA is now fully implemented, with both parties fulfilling their progressive obligations under the Tariff Liberalisation Programme (TLP), as explained below. Pl. visit India`s website below for ISFTA tariff concessions and other India customs information: www.indiantradeportal.in/index.jsp Sri Lanka has signed important investment protection and double taxation agreements with France and several other countries. As a founding member of the GATT, Sri Lanka remains fully committed to the WTO by pursuing an outward-looking multilateral trading system. Despite the major challenges of domestic and external policy, Sri Lanka remains a country of great trade and investment opportunities. Today, tariffs and other border taxes are the main instrument for regulating Sri Lanka`s foreign trade regime, while there are few obstacles or obstacles such as licences and quotas for imports or exports. The government`s customs policy aims to create a transparent and predictable framework for all foreign trade players. In 1977, Sri Lanka implemented its trade liberalization policy, well ahead of other South Asian countries.
Since then, Sri Lanka has taken a series of unilateral measures to largely simplify the country`s customs structure. Foreign trade policy, which continues with the process of further liberalization of the country`s current trade regime, aims to integrate Sri Lanka into the global economy into the positive characteristics of the market economy, while balancing the interests of domestic industry through specific measures. The agreement contains articles on objectives, definitions, the elimination of tariffs, paratarifs and non-tariff barriers, rules of origin, safeguards, dispute resolution, amendments, annexes, etc. Following the signing of the agreement, the two countries were able, after several rounds of bilateral negotiations, to finalize the annexes of the agreement in December 2004 and February 2005 and exchange diplomatic notes confirming the completion of the annexes.