The third spherical of negotiations between Sri Lanka and Thailand on the proposed Free Commerce Settlement (FTA) will likely 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 Common of the Division of Commerce Negotiations, advancing the federal government’s agenda of increasing the market entry for Sri Lankan exports. Seven theme areas – commerce in items, commerce in providers, investments, guidelines of origin, customized cooperation, commerce facilitation, and financial cooperation would be the focus of the negotiations.
The beginning of the negotiations will happen towards the backdrop of a big commerce imbalance in Thailand’s favor. In 2021, Sri Lanka imported items from Thailand value USD 355 million, however solely despatched USD 59 million to Thailand. Thus, from the attitude of Sri Lanka, the negotiations will likely be geared toward enhancing entry to our exports not solely within the Thai market but in addition in markets in different ASIAN international locations by means of Thailand’s gateway and reducing present non-tariff commerce obstacles to commerce. In accordance with market potential assessments, Sri Lankan exports of treasured stones, black tea, and different items have loads of promise. Sri Lanka is hopeful that through profitable discussions, doorways could be created to supply alternatives in each the brand new industries and for the 2 nations’ present commerce frameworks.
The Nationwide Commerce Negotiating Committee (NTNC), whose members primarily symbolize the Ministries of International Affairs, Commerce, Commerce, and Meals Safety, the Division of Commerce & Funding Coverage of the Treasury, and the Division of Commerce, will take part within the negotiations on behalf of Sri Lanka beneath the management of Mr. Okay.J. Weerasinghe, Chief Negotiator, and the Presidential Secretariat. Within the first quarter of 2024, the federal government plans to place this settlement into operation. The NTNC will give the precise requests made by the regional enterprise associations/chambers appreciable consideration throughout the negotiations.
The federal government’s goal of getting into the Regional Complete Financial Partnership, which represents 30% of the worldwide inhabitants and financial system, will likely be superior by this settlement. Since commerce is a development device that’s related to each international locations, the federal government of Sri Lanka is raring to strengthen the bilateral relationship with Thailand. Thailand and Sri Lanka have formal diplomatic relations that date again 68 years, and Thailand’s financial system was particularly boosted by the fast development of manufactured exports.
President’s Media Division
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