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The Consumer Affairs Authority of the Ministry of Industry and Commerce in collaboration with the United Nations Industrial Development Organization (UNIDO) hosted a Regulatory Impact Analysis (RIA) training seminar for policymakers starting 8 January 2018. The training was part of the European Union (EU)-funded EU-Sri Lanka Trade Related Assistance project, and offered a cost-benefit analysis of various regulations and their likely impact.
The session on 8 January 2018 at the Shangri-La Hotel in Colombo, attended by 172 participants, aimed at regulatory authorities and interested stakeholders and focused on providing a general understanding about the effects of and those affected by regulatory decisions. This session was followed by an intensive training on regulatory appraisal related to food safety and quality from the 9 to 12 January 2018 at the Sri Lanka Foundation Institute and was attended by 71 participants. The training for regulatory authorities sought to communicate the importance of carefully assessing regulatory interventions and applying cost-benefit and cost-effectiveness analysis.
RIA is a tool for appraising new regulations before formalizing their adoption. It facilitates a more transparent, participative, and evidence-based regulatory process, which helps to improve the quality of regulations and enhance the welfare of Sri Lankan consumers and producers. The seminar and intensive training course are important steps in boosting Sri Lanka’s compliance capacity to meet international export requirements and reach regional and EU markets.