Sri Lankan Government aims to resume FTA negotiations

COLOMBO (News 1st) – The Sri Lankan Government’s intention was to resume the negotiations on free trade agreements said Secretary to the President Saman Ekanayake.It is the vision of the President that Sri Lanka will integrate with the global value chains and with the largest economies in South Asia and East Asia and then expand to the east region linking to the Regional Comprehensive Economic Partnership (RCEP).Further, the Secretary to the President invited private sector stakeholders to creatively engage in this development initiative as they are the ultimate beneficiaries.He made these observations during an awareness session on the resumption of negotiations of free trade agreements held for Trade Chambers and Industry Advisory Committees at the Finance Ministry on November (16).Secretary to the Treasury, Secretaries of the Ministries of Foreign Affairs, Trade and Industries, and the members of the National Trade Negotiation Committee also participated.The contours of Global trade have been significantly changed in recent years by bringing regional and global production networks as driving factors of international trade where Sri Lanka has not yet been engaged to tap the potential.

Both the growth of supply capacity and the expansion of market access are therefore, recognized as essential for revitalizing the domestic economy.Towards this end, the government intends to operationalize the Free Trade Agreement with Singapore and has taken steps to resume the negotiations of free trade agreements with India, China and Thailand where foreign direct investment can be largely attracted to channel the benefits to the goods and services trade through the Investment Trade nexus.A Trade Negotiation Committee has already been.