Thursday Nov 21, 2024
Thursday Nov 21, 2024
Wednesday, 1 May 2024 00:32 - - {{hitsCtrl.values.hits}}
The second round of Indonesia - Sri Lanka Preferential Trade Agreement (ISLPTA) is scheduled to be held from 19 and 20 June in Colombo.
“The move aligns with the Government’s vision of strengthening economic ties with major and emerging economies, whilst giving a particular focus on ASEAN countries,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
The first meeting of the Trade Negotiations Committee was held online from 3 - 4 April 2024. “During the meeting, the Negotiation Committee exchanged views on the areas of discussion methodology, relevant data sharing timeline, scope and coverage,” he added.
Gunawardena said a PTA typically reduces or eliminates tariffs on selected goods, making it the first step in economic integration.
On 10 July 2023, the Cabinet of Ministers approved initiating negotiations to enter into a PTA with Indonesia. As a result, on 14 March 2023, relevant official discussions were held between the State Minister of Foreign Affairs Tharaka Balasuriya and the Indonesian Deputy Minister of Trade Jerry Sambuaga.
“The constructive dialogue paved the way for progress in charting the course for future trade relations between Sri Lanka and Indonesia,” Gunawardena said.
In 2023, bilateral trade between Sri Lanka and Indonesia reached $ 369.7 million, marking a 17.61% increase from the previous year’s $ 314.4 million. Indonesia has consistently maintained a surplus with Sri Lanka over the past five years, with last year’s surplus amounting to $ 283.5 million.
