Sri Lankan government expresses commitment to make headway in trade agreements with other countries
Sri Lanka’s Development Strategies and International Trade Minister Malik Samarawickrama has reportedly stated that all trade agreements Sri Lanka is working on were making headway despite unfair criticism.
“There is no complication in any of the trade agreements, they are all progressing steadily,” the Samarawickrama has said at a post-Budget discussion organised by Ernst and Young in Colombo recently.
The local media has reported that despite the negative criticism, particularly on the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) which came into effect from 1 May 2018, the Minister has stated that none of the groups that are against it are pointing out particular anomalies in the agreement.
According to Samarawickrama, two big ticket investments on an oil refinery and a steel plant are one of the first positive outcomes of the SLSFTA.
“There are two large investments from two Singapore companies – they are putting up an oil refinery worth over $4 billion in Trincomalee, and a steel manufacturing plant worth $1 billion in Hambantota. The FTA with a country like Singapore will only show the world we are ready for business. We are not expecting to export a lot to Singapore, but it is more for investments,” the Minister has been quoted as saying in the local media.
Speaking on the progress of the Economic and Technological Cooperation Agreement (ETCA) with India, Samarawickrama has said negotiations are going on and that a lot of areas have been covered during the previous negotiation rounds.
The Minister has further noted that there is a lot of interest from trade chambers to expedite the FTA with China. Samarawickrama is due to visit China in mid-April and to recommence the negotiation process.
OSL take:
The statement by Sri Lanka’s Development Strategies and International Trade Minister reiterates the government’s stance on further strengthening the country’s trade ties with other nations. Sri Lanka already enjoys many trade agreements and trade concessions with other nations. Also, the Sri Lankan government has taken steps to improve the ease of doing business environment in the country, making the island nation a more attractive venue for business. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/11032019/Z_10 |