Stakeholder engagement on tariff reforms underway

Stakeholder engagement on the proposed tariff reforms has got underway as part of the implementation of the 2026 Budget proposals aimed at supporting domestic industries, the Department of Trade and Investment Policy said in a statement.

The initiative is being carried out by the Ministry of Finance, Planning and Economic Development, the Ministry of Industry and Entrepreneurship Development, the World Bank, and other relevant agencies, with the objective of creating awareness of the Four-Band Tariff Policy.

Accordingly, the Department of Trade and Investment Policy organized an Awareness and Consultative Programme yesterday in Colombo to engage key stakeholders in the policy development process.

The event was attended by Chathuranga Abeysinghe, the Deputy Minister of Industry and Entrepreneurship Development; Dr. Harshana Suriyapperuma, the Secretary to the Treasury; K. A. Vimalenthirarajah, the Secretary to the Ministry of Trade, Commerce, Food Security and Co-operative Development; Thilaka Jayasundara, the Secretary to the Ministry of Industry and Entrepreneurship Development; Richard Walker, the Senior Economist of the World Bank Group; along with other officials from the World Bank team.

Representatives from the National Tariff Policy Committee, the Industry Advisory Committee, trade chambers, and other relevant government institutions were also present.

The programme aimed to provide an overview of the proposed tariff reforms while engaging stakeholders through awareness and consultation.

Aligned with the government’s broader objective of boosting exports and facilitating economic growth, the proposed tariff structure has been drafted in accordance with the United Nations Broad Economic Classification (BEC), Revision 5, ensuring international consistency and simplification, the Department noted. The proposed tariff reforms are expected to strengthen domestic industries, ensure fiscal sustainability, and facilitate trade.