Cabinet approves draft FTA between Sri Lanka and Thailand

Cabinet approves draft FTA between Sri Lanka and Thailand

The Sri Lankan Cabinet has approved the draft Free Trade Agreement (FTA) between Sri Lanka and Thailand.

After nine rounds of discussions between the two sides, a complete 14-chapter draft Free Trade Agreement was prepared, including the preamble and annexes, to improve trade and investment, compliance with local laws and regulations and facilitating knowledge sharing.

Development of supply capacity, attracting export-oriented foreign direct investment and expanding international market access for Sri Lankan goods and services have been identified as strategies that are essential to Sri Lanka’s economic growth.

Accordingly, the Cabinet of Ministers had given approval on 16.01.2018 to start negotiations to enter into a free trade agreement with Thailand, which is one of the largest economies and the largest foreign investor in the Association of Southeast Asian Nations.

The National Trade Negotiations Committee has also exchanged views with all relevant local stakeholders during the negotiation process.

The Attorney General and the agreement of the Ministry of Foreign Affairs have been received for the draft agreement, the Sri Lanka Government said in a statement.

Accordingly, the Government says the Cabinet of Ministers approved the proposal presented by President Ranil Wickremesinghe to sign the proposed agreement between two countries. (Colombo Gazette)

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