Intl. Chamber of Commerce SL says FTA with Singapore an opportunity for private sector

The International Chamber of Commerce Sri Lanka (ICCSL) has welcomedSri Lanka’s landmark Free Trade Agreement (FTA) between Sri Lanka and Singapore (SLSFTA), the first bilateral FTA to be signed after 20 years. 

The International Chamber of Commerce (ICC) works to champion evidence-based policies to shape the multilateral trade and investment agenda as a driver of growth, jobs and development. ICC is the leading business voice at the World Trade Organization and other international forums, including the G20. ICCSL is the local chapter of the Paris-based ICC. 

“The FTA with Singapore, one of the most liberalised economies in the region, will open many opportunities for Sri Lankan companies to access other ASEAN Markets. Furthermore, ICC champions free trade and sees this agreement as a positive step toward trade liberalisation by the Government of Sri Lanka,” said ICCSL ChairmanDinesh Weerakkody. 

According to a news release by the Ministry of Development Strategies and International Trade, the FTA covers goods, services, investment, trade remedies and dispute settlement, customs co-operation and trade facilitation, economic and technological cooperation, government procurement, e-commerce and intellectual property rights to name a few. 

In addition, the FTA is expected to bring in more foreign direct investments (FDI) to the country. The FTA includes a window for Sri Lanka to participate in government procurement. This would allow Singaporean companies to participate in Government projects. 

Singapore accounted for only 5% of FDI inflows from 2014-2017 and is the seventh largest investor with over 119 Singaporean companies operating in Sri Lanka. ICCSL further notes that there is a need for greater engagement with the private sector to ensure that the FTA delivers value to the country.