The third spherical of negotiations between Sri Lanka and Thailand on the proposed Free Commerce Settlement (FTA) will doubtless be held on January 9 and tenth, 2023, in Colombo, with the participation of 26 official delegates from Thailand headed by Ms. Auramon Supthaweethum, Director Frequent of the Division of Commerce Negotiations, advancing the federal authorities’s agenda of accelerating the market entry for Sri Lankan exports. Seven theme areas – commerce in gadgets, commerce in suppliers, investments, tips of origin, personalized cooperation, commerce facilitation, and monetary cooperation can be the main target of the negotiations.
The start of the negotiations will occur in the direction of the backdrop of a giant commerce imbalance in Thailand’s favor. In 2021, Sri Lanka imported gadgets from Thailand worth USD 355 million, nonetheless solely despatched USD 59 million to Thailand. Thus, from the angle of Sri Lanka, the negotiations will doubtless be geared towards enhancing entry to our exports not solely throughout the Thai market however as well as in markets in several ASIAN worldwide areas via Thailand’s gateway and lowering current non-tariff commerce obstacles to commerce. In accordance with market potential assessments, Sri Lankan exports of treasured stones, black tea, and completely different gadgets have a great deal of promise. Sri Lanka is hopeful that by worthwhile discussions, doorways may very well be created to provide options in every the model new industries and for the two nations’ current commerce frameworks.
The Nationwide Commerce Negotiating Committee (NTNC), whose members primarily symbolize the Ministries of Worldwide Affairs, Commerce, Commerce, and Meals Security, the Division of Commerce & Funding Protection of the Treasury, and the Division of Commerce, will participate throughout the negotiations on behalf of Sri Lanka beneath the administration of Mr. Okay.J. Weerasinghe, Chief Negotiator, and the Presidential Secretariat. Throughout the first quarter of 2024, the federal authorities plans to position this settlement into operation. The NTNC will give the exact requests made by the regional enterprise associations/chambers considerable consideration all through the negotiations.
The federal authorities’s aim of entering into the Regional Full Monetary Partnership, which represents 30% of the worldwide inhabitants and monetary system, will doubtless be superior by this settlement. Since commerce is a improvement machine that is associated to every worldwide areas, the federal authorities of Sri Lanka is raring to strengthen the bilateral relationship with Thailand. Thailand and Sri Lanka have formal diplomatic relations that date once more 68 years, and Thailand’s monetary system was notably boosted by the quick improvement of manufactured exports.
President’s Media Division
