Press briefing of Cabinet Decision taken on 2018-01-16

Signing of the Sri Lanka - Singapore Free Trade Agreement

- Experts in both countries have made deliberations and reached consensus regarding the provisions incorporated in the Free Trade Agreement proposed to be signed between Sri Lanka and Singapore. Provisions relating to the fields of trade in goods, trade in services, liberalization of services, investment, government procurement, competition etc. are included in the proposed Free Trade Agreement. Action has been taken to incorporate appropriate amendments as well considering the observations made by several Ministers in regard to the draft Agreement. By the incorporation of the said amendments, a more favourable environment would be created for investments and as such, the foreign direct investments from Singapore to Sri Lanka will be enhanced.

Accordingly, the proposal made by Hon. Malik Samarawickrema, the Minister of Development Strategies and International Trade, to sign the Sri Lanka - Singapore Free Trade Agreement on behalf of Sri Lanka, subject to clearance of the final draft Agreement by the Attorney General, was approved by the Cabinet.