February 12, Colombo (LNW): Australia has expressed its readiness to assist Sri Lanka in pursuing membership of the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade arrangement encompassing 15 countries and roughly 30 per cent of global GDP and population.
Australian High Commissioner to Sri Lanka, Matthew Duckworth, said Canberra would be “very pleased” to provide technical guidance and capacity-building support should Colombo move forward with efforts to accede to the pact.
He made the remarks during a roundtable hosted by the Pathfinder Foundation, where regional trade integration and economic reform were high on the agenda.
RCEP, signed in November 2020, unites the ten ASEAN member states — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — with five key Asia-Pacific partners: China, Japan, South Korea, Australia and New Zealand.
The agreement aims to streamline trade rules, reduce tariffs and deepen economic cooperation across one of the most dynamic regions in the world.
Responding to questions about Sri Lanka’s exploratory discussions on joining the bloc, Mr Duckworth welcomed the interest and said Australia stands ready to share its experience in meeting RCEP standards, including regulatory alignment, trade facilitation and customs modernisation.
Addressing concerns about India’s decision not to join RCEP, the High Commissioner noted that Australia maintains both RCEP membership and a separate bilateral trade agreement with India. Negotiations are also under way to further enhance that pact. He stressed that there is no inherent conflict between participating in RCEP and sustaining robust trade relations with India.
“India was closely involved in shaping many aspects of RCEP before opting out,” he observed, adding that Australia would welcome New Delhi’s participation in the future should it reconsider its position. He maintained that Sri Lanka could similarly balance engagement with RCEP while strengthening its economic partnership with India.
Highlighting practical examples of complementary trade, Mr Duckworth pointed to the lentil supply chain between Australia and Sri Lanka. While Australia produces high-quality lentils, processing costs are comparatively high. Sri Lankan firms import the raw product, undertake splitting and packaging locally, and re-export to regional markets — creating value, employment and export earnings for both countries.
He suggested that similar collaborative ventures could be expanded, particularly given Sri Lanka’s strategic location and the global standing of the Port of Colombo as a major transshipment hub.
With the right policy framework and trade access, he said, Sri Lanka could position itself as a competitive processing and logistics centre serving the wider Indo-Pacific region.
Economic analysts at the forum noted that closer integration with regional supply chains could provide Sri Lanka with fresh momentum for export-led growth, provided domestic reforms keep pace with international commitments.
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