The third spherical of negotiations between Sri Lanka and Thailand on the proposed Free Commerce Settlement (FTA) is scheduled to be held on January 09 and 10 in Colombo, the President’s Media Division (PMD) mentioned immediately.
Attended by 26 official delegates from Thailand, led by Ms. Auramon Supthaweethum, the Director Basic of the Division of Commerce Negotiations, the discussions will advance the federal government’s agenda of increasing the market entry for Sri Lankan exports, the PMD mentioned additional in its assertion.
Seven subjects –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 major commerce imbalance in Thailand’s favour.
In 2021, Sri Lanka imported items from Thailand value USD 355 million, however solely despatched USD 59 million to Thailand.
Thus, from the angle of Sri Lanka, the negotiations can be aimed toward enhancing entry to Sri Lanka’s exports not solely within the Thai market but additionally in markets in different ASIAN international locations by Thailand’s gateway and reducing present non-tariff commerce obstacles to commerce.
In line 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 may 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 characterize 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. Ok.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 through the negotiations.
The federal government’s goal of coming into the Regional Complete Financial Partnership, which represents 30% of the worldwide inhabitants and economic system, can 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 keen to strengthen the bilateral relationship with Thailand.
Thailand and Sri Lanka have formal diplomatic relations that date again 68 years, and Thailand’s economic system was particularly boosted by the fast development of manufactured exports.
