SL-Thai FTA to be inked come February

• Thai Premier Thavisin to visit SL on invitation of President Wickremesinghe 

Following the successful conclusion of the final round of negotiations between Sri Lanka and Thailand for a free trade agreement (FTA), Prime Minister Srettha Thavisin would visit the island nation in February to ink the deal, the Bangkok Post reported.
Thavisin will visit Sri Lanka on the invitation of President Ranil Wickremesinghe.
The visit was confirmed to the media by Thai Commerce Department Trade Negotiations Department Director General Chotima Iemsawasdikul, on Thursday.
Sri Lanka hosted the ninth round of trade negotiations from December 18-20. It was attended by Thailand’s Business Development Department Director General and advisor to FTA negotiation team Auramon Supthaweethum.
Negotiations for the FTA between Sri Lanka and Thailand resumed in November, after being put on hold for four years, consequent to the Covid-19 pandemic and ongoing restructuring of Sri Lanka’s state-owned entities.
According to Iemsawasdikul, the latest round of talks has agreed on the rules on trade, services, investments and economic cooperation, the Bangkok Post reported.
The news report stated that the Thailand Commerce Ministry would submit the results of the negotiations to the Thai Cabinet for approval, before Thavisin travels to Sri Lanka to ink the agreement in February.
Iemsawasdikul told media that Sri Lanka plays a significant role in maritime freight in the Indian Ocean and it is home to abundant natural resources such as gemstones, graphite and aquatic animals, adding that many industries in Thailand would benefit from the FTA, including those in the automotive, fashion, gems, metal, electronic items, machinery, rubber gloves, pet food and corn.

The FTA will also benefit from service firms, including those in finance, insurance, tourism and research and development.
From January to October 2023, the value of bilateral trade between Thailand and Sri Lanka was worth US $ 320.37 million.
Thailand exported goods worth US $ 213.49 million, while it imported goods worth US $ 106.88 million from Sri Lanka.