Sri Lanka on Thursday announced a new policy, which is more outward-oriented, coherent and with a clearer vision, to better meet requirements in negotiations of international trade agreements.

A Ministry of Development Strategies and International Trade statement said a New Trade Policy (NTP) has been drafted by a committee comprising of trade sector experts in consultation with a wide range of stakeholders, marking a remarkable milestone in the history of trade policy in the country, Xinhua news agency reported.

The government said it recognized the poor performance of trade over the past several years was a result of inward-orientation, separation from the rest of the world, lack of integration and highly distorted trade regime.

Against the backdrop of trade and investment being given the highest priority of the development agenda of the government, the NTP will set a framework to guide trade and FDI-led development in the country.

The NTP will assist in introducing domestic trade reforms, as well as legal and regulatory structure required, so as to enhance competitiveness leading to higher productivity.