Sri Lanka to unveil sweeping tariff overhaul next year: Official

Aims to boost export competitiveness, expand FTAs, improve trade facilitation Trade Secretary K.A. Vimalenthirarajah says engaging US on mineral resources, addressing non-tariff barriers

- BY CHARUMINI DE SILVA

THE Trade, Commerce and Food Security Ministry is preparing to introduce a comprehensive national tariff policy by mid-2026, replacing what officials described as decades of “patchwork, sector-specific, and discriminatory” protection that has suppressed competitiveness, discouraged entrepreneurship, and hindered integration into global value chains.

Ministry Secretary K.A. Vimalenthirarajah speaking during a panel discussion at the Sri Lanka Economic Summit organised by The Ceylon Chamber of Commerce on Wednesday said the overhaul will mark a decisive shift away from a revenue-driven, protectionist tariff structure towards a transparent, predictable, and facilitative regime aligned with global trade norms.

He stressed that the existing system, identified by the World Bank as one of the most complex in the world, has created unpredictability, high production costs, and limited the ability of local industries to compete regionally.

He said the Government has now identified 10 core objectives and principles for the new policy, with four central pillars guiding the reform.