Sri Lanka Cabinet approved a proposal by President Ranil Wickremesinghe to implement the national tariff policy in three phases from January 2025, the government's Information department said.

The competitive environment for investment in Sri Lanka has been adversely affected due to the revision of the tariff policy following the various policies introduced from time to time by the existing governments, the department added on Wednesday as quoted by Xinhua news agency report.

It said considering the situation, a technical committee has been appointed to formulate a national tariff policy.