Sri Lanka is set to conclude a free trade agreement (FTA) with Thailand by the first quarter of 2024, according to a statement released by Cabinet Spokesman Bandula Gunawardana. The objective of the FTA is to boost Sri Lanka’s exports to Thailand, which currently stand at 550 million US dollars per annum, to 1.5 billion US dollars.
The negotiations for the FTA between the two countries began in 2016, followed by a second round in 2018. The latest round of talks was held on January 09-10, 2023. The fourth round of discussions took place in Colombo on March 27-29, with the next round scheduled to be held on June 27-28 in the same city.
The Sri Lankan government has expressed optimism about the benefits of the FTA, which is expected to enhance trade and investment between the two countries. The FTA will provide opportunities for Sri Lankan exporters to expand their market presence in Thailand and promote greater economic cooperation between the two nations.
In conclusion, the FTA between Sri Lanka and Thailand is a significant step towards strengthening bilateral trade and investment. The upcoming negotiations in June are expected to pave the way for the finalization of the agreement by the first quarter of 2024.