Sri Lanka is moving forward with plans to bolster its trade relations as it aims to finalize free trade negotiations with Thailand by February 2024 and formally sign an agreement in March.
Having secured a substantial US$3 billion package from the International Monetary Fund (IMF) in March, Sri Lanka is now focusing on expanding trade opportunities to stimulate economic growth. Negotiations between Sri Lanka and Thailand have already progressed through five rounds of talks, with the most recent discussions held in July.
Cabinet Spokesperson Bandula Gunawardena announced that the proposed free trade agreement (FTA) with Thailand is just one of several deals that Sri Lanka is actively negotiating to facilitate its economic recovery and return to a sustainable growth trajectory.
In addition to the ongoing talks with Thailand, Sri Lanka is looking to initiate free trade discussions with Indonesia and reopen negotiations with its neighboring economic powerhouse, India, to further develop and enhance an existing trade agreement.
Sri Lanka has also expressed keen interest in revisiting negotiations for a free trade deal with China. As negotiations with Thailand progress, Sri Lanka said it remains hopeful that the culmination of these efforts will usher in a new era of economic prosperity, open up new avenues for trade, and enhance its position in the global marketplace. (NNT)
