Sri Lanka and Thailand to sign FTA on 3 February 2024
Daily FT: Sri Lanka and Thailand aim to sign the bilateral Free Trade Agreement on 3 February 2024 to coincide with the Independence day celebrations of the former on 4 February.
The outcome follows the successful conclusion of the 6th Round of Sri Lanka-Thailand Free Trade Agreement (SLTFTA) Negotiations from 21-23 August in Bangkok, Thailand.
The negotiations were co-chaired by Department of Trade Negotiations Director General and the Thailand’s Chief Negotiator Auramon Supthaweethum and Sri Lanka’s Chief Negotiator K. J. Weerasinghe.
During negotiations, meetings of seven working groups were held, namely, trade in goods, trade in services, rules of origin, technical barriers to trade, trade remedies, investment and legal and institutional issues and carried out successful discussions.
The delegation of Sri Lanka comprised of officials from the Embassy and Permanent Mission of Sri Lanka in Thailand, Presidential Secretariat, Ministry of Foreign Affairs, Ministry of Finance, Ministry of Industries, Department of Commerce, Department of Trade and Investment Policies, Attorney General’s Department, Sri Lanka Customs, Board of Investment of Sri Lanka and the Sri Lanka Standards Institution.
The delegation of Thailand consisted of officials from the Ministry of Foreign Affairs, Department of Trade Negotiations, Department of Foreign Trade, Thai Customs Department, Office of Agricultural Economics, Office of Industrial Economics, Office of the Board of Investment and Office of the Council of State.
The Department of Trade Negotiations Director General and the Thailand’s Chief Negotiator Auramon Supthaweethum welcomed the delegation of Sri Lanka to the 06th Round of SLTFTA. “Negotiations and stated that both countries have agreed to conclude the SLTFTA Negotiations by the end of 2023 with the aim of signing on 3 February 2024 to coincide with the Independence Day celebrations of Sri Lanka,” a statement from Foreign Ministry said.
Sri Lanka’s Chief Negotiator K. J. Weerasinghe expressed his appreciation to Thailand for hosting the 06th Round of SLTFTA Negotiations. He also expressed his gratitude in agreeing to conclude the SLTFTA Negotiations by the end of 2023 with the aim of signing on 3 February 2024. He highlighted the importance of Thai investments to Sri Lanka and requested the Thai side to consider the concept paper submitted by the Sri Lanka side on the establishment of a special investment zone exclusively for Thai investors.
Ambassador of Sri Lanka and UNESCAP Permanent Representative C.A. Chaminda I. Colonne expressed sincere appreciation to the Department of Trade Negotiations of Thailand, for the excellent arrangements made for the 06th Round of SLTFTA Negotiations. She stated that the vision of the Government of Sri Lanka is to integrate into the global economy, in this context, to expand economic and trade relations to South Asia and then to the East and to join Regional Comprehensive Economic Partnership (RCEP) and highlighted that being placed in strategic locations, Thailand serves as a gateway for Sri Lanka to the ASEAN region and Sri Lanka as a gateway to large markets of South Asia, Middle East and Africa.
OSL take:
Sri Lanka and Thailand enjoy strong bilateral and trade ties that span centuries. However, the business and trade ties between the two countries will be further strengthened by the proposed free trade agreement (FTA) between Sri Lanka and Thailand. With Sri Lanka working towards becoming an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed by the country, the overall expansion in Sri Lanka’s economy presents a host of business/investment opportunities covering all key economic sectors. Given the growth and business potential in Sri Lanka, Thai businesses/investors could confidently explore the expanding opportunities in Sri Lanka. They could also set up base in Sri Lanka to engage with other countries in the South Asian region while also looking at forming partnerships or joint ventures with local businesses with the aim of expansion. Local businesses would also gain access to more foreign markets once the Sri Lanka-Thailand FTA comes into being.
| Article Code : | VBS/AT/20230913/Z_3 |