Press briefing of Cabinet Decision taken on 2024-01-24 (Subject to Confirmation at the next Meeting)

Signing of the Sri Lanka Thailand Free Trade Agreement

- Improving the supply capacity, attracting export oriented Foreign Direct Investments and broadening market access for Sri Lankan goods and services have been identified as strategies to be essentially adopted for the growth of Sri Lankan economy. Accordingly, the Cabinet at its meeting held on 2018.01.16 has granted approval to initiate negotiations to enter into a Free Trade Agreement with Thailand which is a largest economy and a largest outward investor in the Association of Southeast Asian Nations (ASEAN). During the process of negotiations, the National Trade Negotiation Committee has consulted all relevant local stakeholders as well. Clearance of the Attorney General and the concurrence of the Ministry of Foreign Affairs have been received for the complete draft Free Trade Agreement containing Preamble and 14 Chapters with Annexes which include enhancing trade and investments, conformity for domestic laws and regulations and facilitating the knowledge transfer, prepared after nine rounds of negotiations held between Sri Lanka and Thailand. Accordingly, the proposal made by the Hon. President to sign the proposed Sri Lanka - Thailand Free Trade Agreement between both parties, was approved by the Cabinet.