India to Diplomatically Approach Sri Lanka Over Import Tariff Rates

Sri Lanka recently increased the duties and tariffs on imported vehicle in the country by close to 100 per cent, which has adversely affected the vehicle exports in India. The Ministry of Commerce and SIAM are both concerned by this and are mulling over ways to approach the Sri Lankan government.

Officials in the Ministry of Commerce say there are several options being considered with one of them being to approach the government in a purely diplomatic manner and request them to lower the import tariffs. The official also expressed concern regarding the percent rise in tariff and how it would affect India's exports. SIAM officials also held a meeting in this regard where they stated that $800 million worth of vehicle had been exported to Sri Lanka last year, a number that has gone down drastically due to this rise in tariff rates. The officials also mentioned that SIAM had plans to host an Auto Expo in the country, which has now been postponed in light of the situation.

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