The Sri Lanka Australia Chamber of Commerce (SLACC) has been launched at the New South Wales Business Chamber Head Office in Sydney, Australia, a statement said.

The SLACC is the first, and only integrated bilateral Chamber umbrella constituted in Australia and it is expected to provide practical and on-the-ground support for businesspeople who are entering or exploring the two markets.

The SLACC is, to foster commercial trade and dialogue between Sri Lankan and Australian businesses; and shall be dedicated to providing practical and on-the-ground support for businesspeople who are entering or exploring these markets.

The bilateral merchandise trade between the two countries amounted to 389 million Australian dollars in 2013/14.

At present, major Sri Lankan exports to Australia include apparel, tea, rubber and clay construction materials while dairy, vegetables, paper and paperboard, and animal feed make up the major Australian exports to Sri Lanka.

Sri Lanka is Australia's largest importer of lentils, importing around 70 percent of Australia's lentils.

Sri Lanka is also the 8th largest source of students pursuing a tertiary education in Australia.

SLACC's inaugural President, Kalum De Silva said the launch of the Chamber is a momentous juncture on the road to strengthening economic relations between the two countries and would no doubt add further impetus to extant efforts.