Sri Lanka advances talks for trade deal with Indonesia
The Morning: Sr Lanka’s Cabinet approval was granted to pursue negotiations for a Preferential Trade Agreement (PTA) with Indonesia, with significant progress made in recent discussions.
The Trade Negotiations Committee held its first meeting, focusing on discussion methodology, data sharing, scope, and coverage.
A second meeting is scheduled for 19 and 20 June in Colombo, demonstrating both parties’ commitment to advancing the agreement. The Cabinet has acknowledged the President’s update on the negotiations’ progress.
OSL take:
Sri Lanka is currently in the process of reviewing and expanding its trade ties with other countries. The country already signed a free trade agreement (FTA) with Thailand in February and is hopeful of finalizing more FTAs and preferential trade agreements with more countries in the Asian region. All these developments have put Sri Lanka on the path to becoming a regional trading hub. The country’s strategic positioning in the Indian Ocean has also helped boost Sri Lanka’s image as an emerging regional hub. This and the ongoing economic activities have made Sri Lanka an attractive business/investment destination in the South Asian region. Foreign businesses/investors could while looking for business/investment opportunities in Sri Lanka, also look at setting up base in Sri Lanka to engage with other countries in the region.