Speaking to Indian media, former President Ranil Wickremesinghe stressed the urgent need to finalise the Economic and Technology Cooperation Agreement (ETCA) between Sri Lanka and India, in light of the recent reciprocal tariffs imposed on Sri Lankan exports.
Wickremesinghe highlighted that Sri Lanka can no longer rely solely on traditional export markets like the United States and the European Union, which are increasingly adopting protectionist trade measures. He emphasised that ETCA must be completed by the end of 2025, urging the government to accelerate the process.
“We were relying on the US and others. But you can see how the US trade policies are now, the US as a market will not be that open,” he said. “We don’t know what will happen with the EU either, because we are depending solely on these for our apparel markets.”
The former President also called for the immediate operationalisation of existing Free Trade Agreements (FTAs) with Singapore and Thailand and reaffirmed the importance of Sri Lanka’s bid to join the Regional Comprehensive Economic Partnership (RCEP).
He argued that Sri Lanka must adopt a new trade strategy that includes diversifying its export base beyond apparel. “Apparel alone may not be enough. We have to go into new areas and develop new products,” he said.
Wickremesinghe concluded that Sri Lanka’s economic resilience in the current global environment hinges on strategic trade partnerships and a forward-looking trade policy.
