Sri Lanka will have several new Free Trade Agreements and already the country has successfully concluded the FTA with Singapore, said President Ranil Wickremesinghe at the opening ceremony of the Economic Summit in Colombo on Tuesday evening.
“Our intention is to extend this initiative by expressing our desire to open discussions for an FTA with Malaysia. We have also resumed talks with India and they have conveyed that they prefer separate agreements for investment and trade. While we are currently focusing on trade negotiations, discussions with India will precede talks with Bangladesh. China has been negotiating for seven years, and we’ve recently initiated agreements towards a FTA with them as well.While Pakistan has expressed interest in an FTA, their current capacity to engage seems limited. Looking ahead, envisioning a South Asian network with India, Bangladesh, and Pakistan is in our plans.”
“Beyond these FTA’s we are also revisiting discussions with the EU for the GSP Plus agenda. This network will extend connections to all RCEP countries, including Australia and New Zealand. Additionally, there’s a long-term goal of reaching out to East Africa and South Africa. This strategic expansion aligns with our vision for continued growth.”
The President also outlined the ongoing discussions with external private creditors, emphasizing the government’s commitment to reach an agreement on specific restructuring terms with them shortly. The President underscored the importance of a competitive, export-oriented economy, outlining the government’s vision for a digitalized and green economy.
