Sri Lanka, China’s Yunnan sign “Three Free, Three Facilitation” to boost trade
ECONOMYNEXT – Sri Lanka signed a Memorandum of Understanding (MoU) with Yunnan Province of China on Friday (23) to boost the trade and increase goods entering China, the island nation’s government said.
The MoU signed under the trade framework of “Three Free and Three Facilitations,” provides Sri Lankan entrepreneurs with a package that includes free warehousing facilities, free permanent exhibition booths, online market access, as well as customs clearance and transport facilities to enter the Chinese market, Sri Lankan government said in a statement.
“This will provide an opportunity for Sri Lankan companies to significantly reduce export-related costs,” the government said in a statement after signing the deal.
The deal was signed at ‘Sri Lanka and Yunnan Province Special Products Promotion Summit and Business Matchmaking Event,’ jointly organized by the Department of Commerce of Sri Lanka under the Ministry of Trade, Commerce, Food Security and Cooperative Development, and the Department of Commerce of Yunnan Province.
An official delegation led by Li Chaowei, Director General of the Department of Commerce of Yunnan Province, China, along with representatives from over 30 leading Chinese business entities arrived in Sri Lanka to participate in this event.
Addressing the summit virtually Vasantha Samarasinghe, Minister of Trade, Commerce, Food Security and Cooperative Development, emphasized the importance of bilateral cooperation between the two countries and highlighted the need to expand the export capacity of Sri Lankan products within the Chinese market.
Sri Lanka also signed a Letter of Intent (LOI), confirming the participation of Sri Lankan companies in the 11th China-South Asia Expo scheduled to be held in 2027.
This will pave the way for major promotion within the Chinese market for Sri Lanka’s leading export sectors, including Ceylon tea, food and beverages, spices, coconut products, seafood, gems and jewelry, and handicrafts, the government said in the statement. (Colombo/October 23/2026)