Austrade focuses on the following industrial sectors: Australia`s trade policy is still based on the principle that trade openness, economic growth and improved living standards are closely linked; The focus is on improving international competitiveness and market access abroad. Australia takes a multilateral, regional, bilateral and unilateral approach to trade policy and is exemplary in the transparency of its trading system. Bilateral agreements between Sri Lanka and Australia provide that the dual tax relief agreement signed between Sri Lanka and other countries provides for a reduction in tax rates on dividends and royalties. In addition to key sectors, there are other sectors that have trade and investment opportunities in Australia for Sri Lankan businessmen. You are sports management, sports medicine, art and theatre and pastries. Increased trade is creating more Australian jobs and providing more opportunities for Australian businesses. Learn how to take advantage of free trade agreements. Read more… This was the first bilateral discussion that took place after the signing of TIFA on November 2, 2017 in Colombo, during the visit of Australian Prime Minister Malcolm Turnbull. Discussions on economic reforms and cooperation, free trade and regional trade agreements, market access and investment facilitation, and sectoral investment opportunities in both countries included agendas. Kathy Klugman, First Assistant Secretary of the DFAT subsidiary in South and West Asia, led the Australian delegation, which included officials from Austrade, the Department of Agriculture and Water Resources and the Export Finance and Insurance Corporation, as well as the Australian High Commission in Colombo. Australia is an important trading partner for Sri Lanka, both as an important export market and as a market for the supply of raw materials and intermediate goods.
Overall trade between the two countries has increased significantly in recent years, while the trade balance continues to apply to Australia. Sri Lanka is the only country to have free trade agreements with India and Pakistan, providing duty-free access to more than 1.3 billion consumers on the island.