On July 20th, State Minister of Finance, Ranjith Siyambalapitiya, revealed plans to ease import restrictions on 328 additional items. The move comes as the government aims to bolster economic growth and meet consumer demands by allowing a wider array of goods into the country.
The gazette notification detailing the relaxation of import restrictions is set to be released today, providing businesses and importers with clarity on the new measures.
This development follows the recent relaxation of restrictions on 300 items, including electronic equipment, sanitaryware, and food items, which took effect from June 09. However, it’s worth noting that import restrictions on vehicles are expected to remain in place due to prevailing economic conditions, as stated by Siyambalapitiya last month.
Sri Lanka Customs has expressed concerns about reaching revenue targets, especially with the ongoing limitations on vehicle imports. The Sectoral Oversight Committee (SOC) on National Economic & Physical Plans has been engaged in discussions to address this issue and ensure the nation’s economic stability amidst the evolving trade landscape.
