Sri Lanka gearing to reactivate its dormant FTAs

The Ministry of Trade says that steps have been taken to speedily re-implement around 35 trade agreements signed with various countries, which currently remain inactive.Ministry Secretary S.T. Kodikara stated that the International Trade Office, Ministry of Finance, Central Bank of Sri Lanka, Commerce Department of the Ministry of Trade and Ministry of Foreign Affairs would implement this programme in collaboration.

The Secretary stated that many discussions regarding some trade agreements had collapsed due to various reasons.He stated that these agreements are being implemented with the aim of promoting trade among the countries which have exempted existing tax bases. Under this initiative, it is expected to improve the free trade agreement with Singapore.

Apart from that, trade agreements signed with India, Thailand and China, which are currently inactive, are also due to be implemented again soon.The Secretary also mentioned that negotiations have been initiated to establish a new free trade agreement with Indonesia.

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