Cabinet ratifies Sri Lanka-Thailand FTA

Wednesday, 14 August 2024 00:30 - - {{hitsCtrl.values.hits}}

The Sri Lanka-Thailand Free Trade Agreement (FTA), a significant milestone in the bilateral relations between the two countries, was ratified by the Cabinet of Ministers on Monday.

The agreement, which was signed by the Trade, Commerce and Food Security Minister and the Thai Commerce Minister on 3 February 2024, was tabled in the Parliament on 12 July 2024.

“As stipulated in Section 14.10 of the agreement, the FTA will come into effect on the 30th day following the final notification from the first party to the second party, confirming that all internal legal requirements and procedures have been completed,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the weekly post-Cabinet meeting media briefing yesterday.

He said the FTA marks a key step in Sri Lanka’s efforts to expand its trade network and strengthen economic ties with regional partners.

“Sri Lanka-Thailand FTA is expected to boost trade relations, enhance economic cooperation and open up new opportunities for both countries,” he added.

The ratification proposal submitted by President Ranil Wickremesinghe, in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers.

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