Cabinet Approval Granted for Sri Lanka-Thailand Free Trade Agreement
January 26, Colombo (LNW): The Cabinet of Ministers has given its approval for Sri Lanka to sign a Free Trade Agreement (FTA) with Thailand. The decision, made on Wednesday, comes after extensive negotiations between the two nations, initiated following a Cabinet decision on January 16, 2018.
The primary objectives of this FTA are centered around the development of supply capacity, attracting export-oriented foreign direct investment, and expanding international market access for Sri Lankan goods and services. Recognizing these strategies as crucial to Sri Lanka’s economic growth, the government has actively pursued discussions to foster stronger economic ties with Thailand.
Throughout the negotiation process, the National Trade Negotiations Committee engaged with various local stakeholders to ensure comprehensive perspectives were considered. After nine rounds of discussions, a comprehensive 14 Chapter draft Free Trade Agreement was formulated, covering aspects such as trade and investment improvement, compliance with local laws and regulations, and facilitating knowledge sharing.
The proposal has received clearance from both the Attorney General and the Ministry of Foreign Affairs, further endorsing the legal and diplomatic aspects of the agreement. With all necessary approvals in place, the Cabinet approved the proposal presented by the President to sign the proposed Free Trade Agreement between Sri Lanka and Thailand.