- Aims to broaden trade agreements
- FTA negotiations with Malaysia to commence by May or June
Sri Lanka and Indonesia aim to hold the second round of talks in June for the proposed Preferential Trade Agreement (PTA) between the two nations, following the conclusion of the first round of talks last week.
Speaking to The Sunday Morning Business, International Trade Office (ITO) Chief Negotiator K.J. Weerasinghe revealed that the first round of talks in the negotiation for the proposed PTA between Sri Lanka and Indonesia had concluded last week.
He said that the first round of talks on PTA negotiations had been carried out digitally on 3 and 4 April.
The Chief Negotiator revealed: “It was a first round of talks. We will be meeting again in June in Colombo.”
As part of the Government’s drive to expand the country’s inventory of trade agreements, it was announced recently that Sri Lanka would also be seeking to enter into a Free Trade Agreement (FTA) with Malaysia.
Commenting on the status of negotiations between Sri Lanka and Malaysia in respect of the proposed FTA, Weerasinghe revealed that they were hopeful of holding the first round of talks by May or June.
He also revealed that they were presently waiting for the Malaysian delegation to propose dates for the first round of talks.
“Both sides agreed that we should start negotiations. We have proposed that the Malaysian delegation should come back with suitable dates and we are currently awaiting these dates,” stated Weerasinghe.
Sri Lanka has signed FTAs with India, Pakistan, and Singapore, and most recently in February, entered into an FTA with Thailand.
The Pakistan-Sri Lanka FTA (PSFTA) commenced on 12 June 2005. Key exports from Sri Lanka to Pakistan encompass items such as pepper, beedi leaves, betel leaves, coconut shell pieces, natural rubber, coconuts and cashew nuts (fresh or dried), wood and articles of wood, edible vegetables, and tea.
The Singapore-Sri Lanka FTA (SSLFTA) was signed in January 2018 and became effective in May that year. It encompasses various areas such as goods, services, investment, intellectual properties, telecommunications, e-commerce, trade facilitation, government procurement, competition, and economic and technical cooperation.
For years, Sri Lanka has been attempting to upgrade the Indo-Sri Lanka FTA (ISFTA), which was signed on 28 December 1998, into an Economic and Technology Cooperation Agreement (ETCA). However, populist political rhetoric saw negotiations stall for years before recommencing at the end of last year.