Sri Lanka attempts to join the world largest trade bloc to heal economy

18 July 2023 08:19 am Views - {{hitsCtrl.values.hits}} 5 Bookmark

CHATURANGA PRADEEP SAMARAWICKRAMA Follow

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*Ali Sabry meets Thai MP and assistance sought to join it

*Need for early conclusion of FTA discussed

In its bid to revive the economy in the long run, Sri Lanka has initiated steps to join the world's largest free trade zone called 'Regional Comprehensive Economic Partnership (RCEP) ', a trade grouping of countries including key world economies such as China, Australia and Japan.

This is in addition to the conclusion of ongoing talks for the Free Trade Agreement (FTA ) with Thailand. The next round of FTA talks will be held in Thailand next month.

Foreign Minister Ali Sabry who held talks with Thai Prime Minister Prayut Chan-o-cha and Foreign Minister Don Pramudwinai discussed the need for expediting FTA negotiations, and sought assistance of Thailand as a member of ASEAN to join RCEP. Thailand is one of the first countries to ratify RCEP.

The Minister told Daily Mirror that Sri Lanka sought assistance from Thailand to join RCEP which is a regional free trade agreement that entered into force on January 1, 2022 for ten original parties: Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand and Vietnam.

RCEP then entered into force for South Korea on February 1, 2022, for Malaysia on March 18, 2022, for Indonesia on January 2, 2023 and for the Philippines on June 2, 2023. RCEP is the world’s largest free trade agreement by members’ GDP.

RCEP negotiations were launched in November, 2012 between the Association of Southeast Asian Nations (ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) and its free trade agreement partners - Australia, China, India, Japan, New Zealand and South Korea. India later opted out of RCEP talks.

It is called “world’s largest trade deal”, since the participating countries represent close to 30 percent of the world’s GDP.

The Minister told Daily Mirror that he discussed development of tourism between the countries through Buddhist linkages. (Kelum Bandara)

Comments - 5

BuffaloaCitizen Tuesday, 18 July 2023 09:17 AM

However do we have Ministers capable and competent to handle this? Recently we saw Minister Harin at a meeting in Arugam Bay telling investors to go home if they are not happy and based on the premise that only he has love for the country. This type of bullshit is rampant and needs to be kicked out.

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SL Tuesday, 18 July 2023 10:52 AM

Sri Lanka is a country which cannot produce own eggs at nominal cost....how can you compete with other countries. You will end up with more import of low cost items killing local industry.

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WIII Tuesday, 18 July 2023 12:27 PM

After India's exit from the group, the work of this group has become more meaningful.

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Visionary Tuesday, 18 July 2023 02:12 PM

Any business venture initiatives for Sri Lanka is possible only because of the current President who has the immense capacity to do so. We must make sure to grab every opportunity that is made available to us from the world through this current President. I don't think there will be another president like him in the future.

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Silva Tuesday, 18 July 2023 05:26 PM

better join BRICS, thats the future

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