IPS Research Fellow Dr Asanka Wijesinghe emphasized that Regional Comprehensive Economic Partnership (RCEP) is a feasible option for tariff phase out and accession to RCEP, which should be combined with a trade adjustment package and industrial policy.
IPS Research Economist Dilani Hirimuthugodage presented several key points including repurposing the current available budgets, focusing on farm productivity, implementing new planting and replanting techniques for agriculture crops, improving fertiliser efficiency via site specific application methods, promoting private sector participation and public private producer partnerships.
Also she mentioned ensuring product quality via a Geographical Indication (GI) certification system, meeting and maintaining product standards and poor coordination among value chain actors.
Speaking about the challenges to unlock untapped agri markets, Hirimuthugodage expressed about maintaining consistent production levels and a constant supply, small and fragmented land holding and low mechanisation and poor technology.
IPS Research Fellow Dr. Erandathie Pathiraja said that Sri Lanka’s main export industries show comparatively low energy cost shares and are mainly labour intensive, but price shocks generated affect short term profits to a certain level.
She also highlighted that energy related policies should be complemented with assistance schemes for such industries to adapt to the new policy environment.
Several other resource persons also shared their valuable insights during the event.
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