Sri Lanka to host regional trade forum

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COLOMBO, Oct 15 (LBO): Sri Lanka will host the Asia Pacific Trade Facilitation Forum (APTFF), a platform to promote regional trade and share information, Ceylon Chamber of Commerce said. "South Asia is a region that has many benefits to reap through improved trade facilitation," the chamber said in a statement. "This region still remains one of the world's least integrated in the world. Intra-regional trade has been stagnating around 4-5 per cent in the past decade. "Studies have revealed that that the South Asian region's expansion of trade can be substantially advanced with programmes of concrete action in order to address barriers to trade facilitation and thereby advance regional goals." Critics have noted that Sri Lanka has failed to make much headway in trade liberalisation particularly with India in recent years with big business production interests blocking trade liberties of the people by directing the coercive power of the state against them. Critics say South Asia was kept in poverty by states that stole the trade freedoms of the people with protectionism, import licensing, violated their property rights through nationalisation and currency depreciation after gaining independence from British rule. APTFF was launched by United Nations Economic and Social Commission for the Asia and the Pacific (UNESCAP) and the Asian Development Bank (ADB) in 2009. Trade blocs like Association of South East Asian Nations (ASEAN) have contributed to rapid mutual prosperity by increasing liberties of the people by allowing free trade and visa free travel. Earlier meeting were held in Bangkok, in 2009, Kuala Lumpur, Malaysia in 2010 and in Seoul. "It identifies priority areas for regional cooperation and integration and participants learn new tools and services that will increase efficiency of cross-border transactions that will ultimately improve the competitiveness of firms in the region,' the Ceylon Chamber said in a statement. "Thus, the forum aims to promote trade facilitation as an important component of a comprehensive strategy for national and regional development. "The forum also intends to strengthen regional cooperation and coordination of aid for trade and related technical assistance and capacity building in trade facilitation. The Ceylon Chamber of Commerce backed by the ministry of industry and commerce and Sri Lanka's customs authorities had offered to host the forum in Colombo.