The eighth round of negotiations for the Sri Lanka-Thailand Free Trade Agreement (SLTFTA) has concluded.
According to the Embassy and Permanent Mission of Sri Lanka in Bangkok, the negotiations were co-chaired by the Director General of the Department of Trade Negotiations and Thailand’s Chief Negotiator, Auramon Supthaweethum, and Sri Lanka’s Chief Negotiator, K.J. Weerasinghe. The Chief Negotiator of Thailand welcomed the Sri Lankan delegation to the 8th Round of SLTFTA negotiations and stated that both countries have agreed to conclude the negotiations by the end of 2023.
Deputy Minister Napintorn, in his remarks, has highlighted that the establishment of the Thailand-Sri Lanka FTA is an opportunity to expand trade and investment into new markets in South Asia. “Sri Lanka is strategically located on the shipping routes of the Indian Ocean. It is linked to South Asia, the Middle East, and Africa and is a key strategic link in China’s Maritime Silk Road and has abundant resources such as gems, aquatic animals and minerals, which are raw materials that Thailand’s domestic industry needs.”
The FTA is expected to be signed on 3 February 2024 to coincide with the Independence Day celebrations of Sri Lanka.
Meanwhile, the Chief Negotiator of Sri Lanka has appreciated Thailand for hosting the 8th Round of SLTFTA Negotiations while expressing gratitude for agreeing to conclude the SLTFTA Negotiations by the end of this year.
On the sideline of the negotiations, Thailand’s Department of Trade Negotiations and the Department of International Trade Promotion hosted a seminar on “Trade and Investment Opportunities in Thailand and Sri Lanka” on November 29. The Seminar’s opening remarks were delivered by Napintorn Srisunpang, Deputy Minister of Commerce, and C. A. Chaminda I. Colonne, Ambassador of Sri Lanka and UNESCAP Permanent Representative.
During her remarks, Ambassador Colonne stated that despite the long-standing historical relations between our two brotherly nations, the two-way trade between Sri Lanka and Thailand amounted to only $ 352 million in 2022. “It is regrettable to state that the total investment received from Thailand in Sri Lanka is negligible, with only $ 0.74 million recorded in 2022. The vision of the Government of Sri Lanka is to integrate into the global economy and in this context, to expand economic and trade relations to South Asia and then to the East and to join the Regional Comprehensive Economic Partnership (RCEP), Sri Lanka has submitted its letter of intent to the RCEP Secretariat.”
The delegation of Thailand consisted of officials from the Ministry of Foreign Affairs, Department of Trade Negotiations, Department of Foreign Trade, Thai Customs Department, Board of Investment and Office of the Council of State.
The delegation of Sri Lanka comprised with senior officials from the Embassy and Permanent Mission of Sri Lanka in Thailand, Presidential Secretariat, Ministry of Foreign Affairs, Department of Commerce, Department of Trade and Investment Policies, Attorney General’s Department, Sri Lanka Customs, Central Bank, Board of Investment of Sri Lanka and the Sri Lanka Export Development Board.
Source: the morning
