Business
Single uniform tariff urged for all Sri Lankan imports

‘Countries that have grown fast, especially in East Asia, have understood the importance of trade reform. The first step of such a reform agenda should be to simplify taxes at the border by removing the so-called “para tariffs” that Sri Lanka levies beyond the regular import duties and introduce a single uniform tariff for all imports, the Advocata Institute’s Academic Chair Dr. Sarath Rajapatirana said.
Sri Lanka’s trade as a % of GDP has been low when compared to neighbouring countries like Thailand and Vietnam, indicating that we have not truly exploited our opportunity to trade. Research shows, Sri Lanka, has high tariff rates compared to other developing countries, and while tariffs play a role in protecting domestic infant industries, if tariffs are too high, they can become anticompetitive. Recent import restrictions, such as banning a wide range of consumer goods since the beginning of April 2020, have further worsened Sri Lanka’s growth potential and put Sri Lanka at odds with WTO rules.
Dr. Dayaratna Silva ( International Trade Economist, Former Sri Lankan Ambassador to the World Trade Organization) elaborated on the severe consequences for Sri Lanka’s economy if such import restrictions continue. He explained that there is a possibility of tariff retaliation. “Prolonged import controls are not consistent with the WTO, and its high time such is readdressed”, he went on to say.
Such forms of retaliation could have a significant negative effect on our imports, thereby worsening our existing foreign exchange and balance of payment crisis. Another key long term concern for the economy. “My worry is the long term industrial development of the country because of these restrictions. Resources are inefficiently being allocated as a result”, further commented Dr. Dayartna De Silva.
Denis Chaibi ( Ambassador, Delegation of the European Union to Sri Lanka and the Maldives) commented on the importance of adhering to global rules on trade. He commented that “the European Union tries to have a rule based order. When a country does not follow those rules, the rule based structure is affected. Without trade, for a small country like Sri Lanka, the prospect is not good”. His comments brought into perspective the wider ramifications of import restrictions on Sri Lanka’s multilateral relations.
Professor Prema- Chandra Athukorala (Emeritus Professor of Economics, Arndt-Corden Department of Economics, ANU), who is an authority on global production networks, explained that “No country in the world now produces goods from the beginning to end within their geographic boundaries. Countries specialise in different components within the production value chain. Made in the country X label has become invalid, a Country has to identify comparative advantage within the production network. “. Thereby elaborating on how Sri Lanka cannot achieve economic growth without joining global production networks through trade. He concluded by commenting on recent developments of import controls by saying that “selective intervention, without disturbing the incentive structure of the country as a policy, is going to be a recipe for disaster”.
These views were expressed at the event “Deep Dive”, organised by the Advocata Institute that aims to bring focus on Sri Lanka’s biggest policy challenges. The event was moderated by Aneetha Warusavitarana, Research Manager, Advocata Institute. As a precursor to the event, Advocata released a primer on debt sustainability with the aim of helping Sri Lankans understand the topic. The recording of the discussion can be found at Advocata Institute’s YouTube Channel https://www.youtube.com/watch?v=8M981XmlbAs / to get a comprehensive understanding of Trade and how it affects Sri Lanka’s economy and the livelihoods of all Sri Lankans. The event was organised in partnership with the European Union.
Advocata is an independent policy think tank based in Colombo, Sri Lanka. We conduct research, provide commentary and hold events to promote sound policy ideas compatible with a free society in Sri Lanka. Visit advocata.org for more information.
Business
‘Sri Lanka is a Union Country’, says global labour leader

ITF pledges expanded partnership with transport sector workers at Colombo Welfare Hub launch
In a landmark moment for Sri Lanka’s transport sector, the International Transport Workers’ Federation (ITF) unveiled The Palace—a brand new welfare facility for seafarers—while declaring its commitment to partner with the nation’s entire transport workforce.
ITF General Secretary Stephen Cotton delivered a stirring message at the launch on March 20, hailing Sri Lanka as “a union country” with robust labour laws and a resilient worker-led culture; a rare endorsement from a global labour leader.
“I call Sri Lanka a union country because it’s a nation that takes pride in its labor laws and collective strength,” Cotton declared to a room of policymakers, shipowners, ship crews, ILO officials, women seafarers and maritime stakeholders.
“The ITF doesn’t just want to support seafarers—we’re here to partner with all transport workers, from railways to ports, to build a fairer future,” he said.
Located in central Colombo, The Palace—a collaboration between the ITF, its Seafarers Trust, and the National Union of Sri Lankan Seafarers (NUSS) —aims to transform the lives of maritime workers. The facility offers affordable lodging, family reunification spaces, counseling, and recreational resources for seafarers transitioning to and from grueling voyages.
Boa Athu, President of NUSS called it a “long-overdue sanctuary” for workers who sustain Sri Lanka’s economy through foreign remittances.
Cotton emphasized the timing of the launch amid global instability: “We’re in turbulent times—geopolitical shifts, climate crises, and economic uncertainty. But here, Sri Lanka’s unions have shown what solidarity can achieve. He noted NUSS’s growth from 7 to 30,000 members, calling it a “phenomenal” model for worker empowerment.
The ITF’s vision extends far beyond the docks. Cotton revealed he had met with railway workers the day prior, signaling broader ambitions.
Transport workers were the lifeblood of the global economy linking supply chains and keeping the world moving, and they were vital to successfully responding to the challenge of Covid-19. We mustn’t forget the risks that transport workers faced on the frontlines. Now, we must ensure they’re shielded from crises like climate change,” he said, framing the climate emergency as a “workers’ crisis” requiring urgent re-training for green energy transitions.
With partnerships spanning the UN Global Compact and International Maritime Organization, the ITF plans a Singapore forum to accelerate fossil fuel phase-outs.
“Seafarers here are already training for new energy technologies—but placing them in jobs remains a challenge,” Cotton admitted.
Referencing global political volatility—including U.S. leadership shifts—Cotton stressed the need for “predictable” worker alliances like the ITF. He praised Sri Lanka’s push to grow its maritime economy, including government plans to boost container capacity and recruit women into skilled and rewarding roles.
“The Palace isn’t just a building—it’s a symbol of what’s possible when unions, governments, and global partners unite,” Cotton said. “Sri Lanka’s workers are its economy. Safeguarding their wellbeing isn’t charity—it’s strategic,” he said.
As the ITF expands collaborations in Brazil, Mexico, and beyond, Sri Lanka’s transport sector stands at a crossroads. The Palace offers immediate relief for seafarers, but Cotton’s message signals a larger ambition: positioning the island as a beacon of worker solidarity in an unstable world.
For Sri Lanka’s 30,000-strong NUSS members—and thousands more in railways, ports, and tourism—the call is clear: the fight for fair conditions is now a global alliance.
By Sanath Nanayakkare
Business
Alipay+ joins as Gold Sponsor of LankaPay Technnovation Awards 2025

LankaPay – Sri Lanka’s National Payment Network recently announced its partnership with Alipay+ as the Gold Sponsor of the LankaPay Technnovation Awards 2025. This marks Alipay+’s second consecutive year of collaboration at this landmark event, reinforcing Alipay+’s commitment to advancing digital payment solutions and financial innovation in Sri Lanka’s evolving financial sector.
LankaPay Technnovation Awards is Sri Lanka’s first and the only payment technology innovation awards; and the only financial sector awards competition in the country which is organized for the 7th time in 2025. The grand finale is scheduled to be held on 26th March 2025 from 6.00pm onwards at the Grand Ballroom, Shangri-La Colombo under the patronage of the Chief Guest – Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, and Deputy Minister of Digital Economy, Eng Eranga Weeraratne and Dr. Hans Wijayasuriya, Chief Advisor to the President on Digital Economy as Guests of Honour. The event will see an audience of over 500 movers and shakers of the country’s financial sectors including Chairmen and CEOs of FIs and FinTech companies, Government officials, policymakers and top-tier delegation of leading international payment networks.
Business
Sanasa Life Insurance sponsors 95th ‘Battle of the Maroons’

Sanasa Life Insurance sponsored the 95th edition of the big match between Ananda College and Nalanda College. The highly anticipated three-day big match ended in a draw. Adverse weather conditions prevented a decisive outcome, but based on their performances, both teams were declared joint winners.
‘The Best Fielder’ award was also sponsored by Sansa Life Insurance. “We see brilliant cricketing talent being played on the field right before our very eyes. These youngsters are the future of cricket that takes the name of Sri Lanka proudly to the world someday. We are glad to have been a part of their journey forward”, said Sanasa Life Insurance CEO Mr. Nuwanpriya Gunawardane, commenting on the outstanding fielding performance by Chanul Athukorala of Nalanda College.
Commenting on the match, Gunawardane added: “Sanasa Life Insurance is honoured to support this legendary cricketing battle. We believe in encouraging the younger generation to overcome challenges and strive for greatness. This match embodies those values.”
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