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EU asks Sri Lanka not to be ‘WTO incompatible’

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by Sanath Nanayakkare

Sri Lanka should avoid any unnecessary damage to the commercial and economic interests of any other WTO party including the EU, Frank Hess, Head of Cooperation Section at EU Delegation to Sri Lanka and the Maldives said.

He said so while addressing a media briefing online, following the final project steering committee meeting of the EU – Sri Lanka Trade Assistance Project at Taj Samudra Colombo recently.

“Some policy makers openly talk about protectionist aims. I ask: Is this what the country needs for economic growth? Is this what is fair to the EU? Sri Lanka enjoys a positive trade balance with the EU, and I would like to underline that no modern economy can operate in isolation.

“We raised this issue at the WTO meetings end of last year and the WTO Market Access Committee in January. We remain concerned by measures some of which have been implemented in a WTO incompatible manner”, he said.

Elaborating on his views he said:

“The European Union believes that global problems such as the pandemic and the ensuing economic crisis, can only be solved through global cooperation. We can help ourselves only by working together.

“Sri Lanka should pay due regard, in carrying out its domestic policies, to the need for maintaining or restoring equilibrium in its Balance of Payment on a sound and lasting basis, by adopting measures which increase instead of decreasing international trade.

“Recently the European Commission set out its trade strategy for the coming years. Reflecting the concept of open strategic autonomy, the strategy builds on the openness to contribute to the economic recovery through support for the green and digital transformations, as well as a renewed focus on strengthening multilateralism and reforming global trade rules to ensure that they are fair and sustainable.

“For the recovery of the Sri Lankan and global economy, open and rules-based trade is essential as it gives confidence to businesses to invest, and re-start exchanges that bring in employment and revenues.

“We understand the government is keen to pursue a trade model aiming at export growth and FDI growth, attracting foreign investment also from the EU. But which investor will come here if he or she is forbidden or face obstacles when importing from other countries? To increase GSP+ utilization, you will need to have a balanced approach and not close doors. Trade is about mutual benefits. I fully expect that doing business with Sri Lankan enterprises will not only open new markets in the EU and regionally to you, but will enable EU SMEs to link with local businesses and grow together as well.

“If companies and the Government want to increase the competitiveness of Sri Lanka, the best way is to open up the economy, invest in research and development, provide skills to workers, nurture entrepreneurs, provide decent jobs and most importantly create a business conducive environment which supports both exporters and importers.”

“The EU has also helped SrI Lanka through giving it GSP+ status. With GSP+, the EU has unilaterally opened its market and granted duty free access on 66% of the EU tariff lines representing about 6000 products.

“About €3 billion worth of goods were exported to the EU from Sri Lanka in 2019 using the GSP+ preferences. This resulted in a positive trade balance for Sri Lanka of 1.5 billion euro in

2019 alone. Even without the UK, this balance is still 1 billion euro in the favor of Sri Lanka.”

 

 



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People’s Bank drives push towards cash-lite economy

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Marking a significant milestone in Sri Lanka’s digital transformation journey, the National QR Payment Adoption Programme was recently launched with the objective of accelerating the country’s transition towards a cash-lite economy. The initiative aims to reduce reliance on physical currency by promoting the widespread use of QR-based digital payments, enabling individuals and businesses to conduct fast, secure and convenient transactions via mobile devices, said a release from the People’s Bank.

It said: As a leader in digital banking, People’s Bank proudly aligns with this landmark national initiative, reinforcing its commitment to building a digitally empowered economy. The Bank supports the programme through its flagship digital wallet “People’s Pay”, which offers a seamless platform for QR-based transactions and a range of everyday financial services.

In line with the programme’s objectives, customers can perform QR transactions without incurring additional charges, while merchants benefit from zero fees on transactions up to Rs. 5,000. To further encourage adoption, valuable gifts will be awarded to selected winners among LANKAQR users, enhancing engagement and promoting digital payment usage across the country.

People’s Bank’s participation reflects its ongoing digital transformation strategy, which has evolved beyond traditional online banking to deliver an integrated, lifestyle-oriented financial ecosystem. The Bank continues to set industry benchmarks by offering secure, efficient and user-friendly digital platforms, ensuring customers have uninterrupted access to banking services anytime, anywhere.

At the heart of this initiative is People’s Pay, a sophisticated digital wallet designed to streamline everyday financial transactions while catering to the evolving needs of the modern consumer. The application features a seamless self-registration process, comprehensive tri-language support, and secure storage of payment details, ensuring both convenience and security for users.

In addition, the People’s Pay app enables customers to make real-time bill payments and QR-based transactions with exceptional ease and efficiency. The facility to link multiple bank accounts further enhances flexibility and convenience, while the transaction limit provides users with greater financial control and improved security.

In a strategic move to bolster the national QR adoption program, the People’s Pay app now facilitates Peer-to-Peer (P2P) QR transfers. This functionality allows users to generate both static and dynamic QR codes, enabling efficient transactions without the need to disclose sensitive account information.

The National QR Payment Adoption Programme represents a critical step in advancing Sri Lanka’s digital payments landscape. By fostering fast, secure and transparent transaction methods, the initiative aims to ensure inclusive participation in the digital economy, empowering citizens across all regions and communities.

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ANC Campus and Adelaide University launch new Australian study pathway for Lankan students

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ANC Campus has announced the launch of a formal articulation partnership with Adelaide University at Cinnamon Lakeside, Colombo, creating a clear progression pathway for Sri Lankan students seeking an Australian university degree.

Through this pathway, students can begin their university-level studies at ANC Campus in Sri Lanka before progressing to Adelaide University in Australia, subject to the relevant academic, English language, and entry requirements. By completing the first year through ANC’s Australian Diploma pathway in Sri Lanka, students can significantly reduce the overall cost of their Australian education journey, with estimated first-year savings of up to LKR 13 million when tuition and living expenses are considered.

The launch was attended by representatives of ANC Campus, Adelaide University, and the Australian Trade and Investment Commission (Austrade), alongside members of the media, students, parents, and invited guests. Austrade’s presence highlighted the continued importance of Australia-Sri Lanka education links.

Speaking at the launch, Dayan D. L. Fernando, Chief Executive Officer of ANC Campus, said the partnership gives Sri Lankan students a credible and well-supported route into Australian higher education.

“For over two decades, ANC has worked with international university partners to help Sri Lankan students begin their global education journey with the right academic preparation and guidance. This partnership with Adelaide University gives students a clearer route to an Australian degree and gives parents greater confidence in the pathway their children are choosing,” he said.

Fernando added that international education is one of the most important decisions a family makes, and proper guidance is essential.

“At ANC, our responsibility is to guide students correctly. We must help them understand the pathway, the requirements, the destination, and the opportunities ahead. ANC prepares students for the highest likelihood of success.

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Union Assurance honours new batch of certified financial advisers

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Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, recently hosted the SLIM Certified Financial Adviser Graduation Ceremony at its Head Office premises, recognising 38 professionals who successfully completed the programme, a milestone that reflects the company’s focus on building a highly capable and accredited sales force.

The Certified Financial Adviser programme, delivered in partnership with the Sri Lanka Institute of Marketing (SLIM), the National Body of Marketing in Sri Lanka, which was designed to elevate the expertise of the company’s high performing adviser force. Spanning 11 comprehensive modules covering areas such as Advanced Consultative Selling Skills, Negotiation Mastery, Digital Prospecting Techniques, and Emotional Resilience in Sales, participants underwent a rigorous learning journey that concluded with a formal assignment, bringing the full cohort to completion.

The programme reflects Union Assurance’s commitment to ensuring its advisers are positioned to serve customers with confidence, credibility, and genuine understanding of their needs; values that are central to the company’s purpose of protecting what matters most. The SLIM qualification also opens a structured educational pathway for graduates, with opportunities to advance through further nationally recognised certifications.

Speaking at the ceremony, Chief Agency Officer at Union Assurance, Imtiyaz Aniff stated: “We are pleased to recognise the dedication of our people who committed to this programme alongside their core responsibilities. The SLIM certification equips our advisers with the skills and credentials to serve our customers at a higher standard, and that directly supports the quality of advice we deliver. We look forward to seeing this cohort carry forward what they have learned and continue to grow in their careers.”

Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed nearly four decades of success with a Market Capitalisation of Rs. 45.6 Bn and a Life Fund of Rs. 92.8 Bn as of end December 2025. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3000-strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.

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