Cabinet approves concessions under proposed SL-Thailand FTA

Wednesday, 22 November 2023 00:34 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers at its meeting on Monday approved a progressive tariff reduction roadmap for the Sri Lanka-Thailand Free Trade Agreement (FTA) over a 15-year timeframe.

Speaking at the post-Cabinet meeting media briefing, Cabinet Co-Spokesman and Minister Bandula Gunawardana said that under this FTA, an impressive 80% of tariff lines will be liberalised over 15 years.

Sri Lanka and Thailand aim to sign the bilateral FTA on 3 February 2024 to coincide with the Independence Day celebrations of the former on 4 February after the completion of the rounds of discussions in this regard by December 2023.

“In line with the accords established during rounds six and seven aforementioned discussions, the Cabinet of Ministers has opted to endorse Sri Lanka’s customs levy releasing program,” he added.

The roadmap aims to facilitate the release of 80% of the combined categorised serial numbers within a 15-year timeframe, referencing the serial numbers from 2022. In addition, it approves the partial release of 5% of the combined categorised serial numbers during the span of 15 to 18 years. The remaining 15% of the combined categorised serial numbers will be included in the negative list.

Gunawardena said the move will help to boost exports and diversify exports as well as markets.