SL, Thailand conclude 8th round of FTA talks

Saturday, 16 December 2023 00:52 - - {{hitsCtrl.values.hits}}

The 8th round of Sri Lanka-Thailand Free Trade Agreement (SLTFTA) negotiations was held from 27 to 29 November in Bangkok, Thailand.

The negotiations were co-chaired by the Department of Trade Negotiations Director General and the Chief Negotiator of Thailand Auramon Supthaweethum and the Chief Negotiator of Sri Lanka K. J. Weerasinghe.

The Department of Trade Negotiations Director General and the Chief Negotiator of Thailand Auramon Supthaweethum welcomed the delegation of Sri Lanka to the 8th round of SLTFTA negotiations and stated that both countries have agreed to conclude the SLTFTA negotiations by the end of 2023 with the aim of signing the Agreement in February 2024 to coincide with the independence day celebrations of Sri Lanka.

The Chief Negotiator of Sri Lanka, K.J. Weerasinghe, expressed his appreciation to Thailand for hosting the 08th round of SLTFTA negotiations. He also expressed his gratitude in agreeing to conclude the SLTFTA negotiations by the end of 2023 with the aim of signing the Agreement in February 2024.

A seminar on “Trade and investment opportunities in Thailand and Sri Lanka” was also organised by the Department of Trade Negotiations and the Department of International Trade Promotion of Thailand on 29 November. The opening remarks at the seminar were delivered by the Deputy Minister of Commerce Napintorn Srisunpang, and Sri Lankan Ambassador and UNESCAP Permanent Representative C.A. Chaminda I. Colonne.

Deputy Minister Napintorn highlighted during his opening remarks that the establishment of the Thailand-Sri Lanka FTA is an opportunity to expand trade and investment into new markets in South Asia. He said that Sri Lanka is strategically located on the shipping routes of the Indian Ocean. It is linked to South Asia, the Middle East, and Africa and is a key strategic link in China’s Maritime Silk Road and has abundant resources such as gems, aquatic animals and minerals, which are raw materials that Thailand’s domestic industry needs.

During her remarks Ambassador Colonne stated that despite the longstanding historical relations between the two nations based on Buddhist religious values, the two-way trade between Sri Lanka and Thailand amounted to only $ 352 million in 2022. She said that total investments received from Thailand in Sri Lanka is negligible, with only $ 0.74 million recorded in 2022. The Ambassador stated that the vision of the Government of Sri Lanka is to integrate itself into the global economy and in this context, to expand economic and trade relations to South Asia and then to the east and to join Regional Comprehensive Economic Partnership (RCEP), for which Sri Lanka has submitted its letter of intent.

The delegation of Thailand consisted of officials from the Ministry of Foreign Affairs, Department of Trade Negotiations, Department of Foreign Trade, Thai Customs Department, Board of Investment and Office of the Council of State.

The delegation of Sri Lanka comprised of senior officials from the Embassy and Permanent Mission of Sri Lanka in Thailand, Presidential Secretariat, Ministry of Foreign Affairs, Department of Commerce, Department of Trade and Investment Policies, Attorney General’s Department, Sri Lanka Customs, Central Bank, Board of Investment of Sri Lanka and the Sri Lanka Export Development Board.