Sri Lanka was ready to save over US$ 1.2 billion in overseas trade in the primary three months of restrictions on import of products, State Finance Minister Ranjith Siyambalapitiya informed parliament yesterday.
On August 23, 2022, the federal government determined to limit the import of 1, 464 objects which have been deemed non-important to save overseas trade.
However, since then the federal government relaxed restrictions on 780 objects in September, November and December based mostly on the research carried out by the Finance Ministry and the Central Bank.
Lobbying by varied trade teams, enterprise chambers and Board of Investment, has additionally been a significant cause for the relief.
Meanwhile, Siyambalapitiya stated the federal government was not prepared to undertake an rigid method relating to import restrictions.
He expressed these views in parliament yesterday presenting a proposal to receive approval for a number of gazette bulletins and orders issued with regard to import and export restrictions.