Third Round of Sri Lanka – Thailand FTA negotiations scheduled to commence today

Date:

The third round of negotiations between Sri Lanka and Thailand on the proposed Free Trade Agreement (FTA) will be held on January 9 and 10th, 2023, in Colombo, with the participation of 26 official delegates from Thailand headed by Ms. Auramon Supthaweethum, Director General of the Department of Trade Negotiations, advancing the government’s agenda of expanding the market access for Sri Lankan exports. Seven theme areas – trade in goods, trade in services, investments, rules of origin, custom cooperation, trade facilitation, and economic cooperation will be the focus of the negotiations.

The start of the negotiations will take place against the backdrop of a significant trade imbalance in Thailand’s favor. In 2021, Sri Lanka imported goods from Thailand worth USD 355 million, but only sent USD 59 million to Thailand. Thus, from the perspective of Sri Lanka, the negotiations will be aimed at enhancing access to our exports not only in the Thai market but also in markets in other ASEAN (Association of Southeast Asian Nations) countries through Thailand’s gateway and lowering current non-tariff trade obstacles to trade. According to market potential assessments, Sri Lankan exports of precious stones, black tea, and other goods have a lot of promise. Sri Lanka is hopeful that via successful discussions, doors can be created to offer opportunities in both the new industries and for the two nations’ current trade frameworks.

The National Trade Negotiating Committee (NTNC), whose members primarily represent the Ministries of Foreign Affairs, Trade, Commerce, and Food Security, the Department of Trade & Investment Policy of the Treasury, and the Department of Commerce, will participate in the negotiations on behalf of Sri Lanka under the leadership of Mr. K.J. Weerasinghe, Chief Negotiator, and the Presidential Secretariat. In the first quarter of 2024, the government plans to put this agreement into operation. The NTNC will give the specific requests made by the regional business associations/chambers considerable consideration during the negotiations.

The government’s objective of entering the Regional Comprehensive Economic Partnership, which represents 30% of the global population and economy, will be advanced by this agreement. Since trade is a growth tool that is relevant to both countries, the government of Sri Lanka is eager to strengthen the bilateral relationship with Thailand. Thailand and Sri Lanka have formal diplomatic relations that date back 68 years, and Thailand’s economy was especially boosted by the rapid growth of manufactured exports.

PMD

Share post:

spot_imgspot_img

Popular

More like this
Related

US Backs Sri Lanka’s Economic Revival through Reforms and Trade Expansion

By: Staff Writer August 06, Colombo (LNW): U.S. Ambassador to Sri...

Sri Lanka’s Fabric Sector Feels Global Squeeze despite Resilient Profit Margins

By: Staff Writer August 06, Colombo (LNW): Sri Lanka’s textile and...

CIABOC Warns Top State Officials: Submit Asset Declarations by August 31 or Face Penalties.

By: Staff Writer August 06, Colombo (LNW): The Commission to Investigate...

Sri Lanka Sees Highest Tourist Arrivals since 2018, But Misses July Target

By: Staff Writer August 06, Colombo (LNW): Sri Lanka recorded 200,244 tourist...