Friday Jan 24, 2025
Friday Jan 24, 2025
Friday, 24 January 2025 00:00 - - {{hitsCtrl.values.hits}}
Foreign Minister Vijitha Herath on Wednesday confirmed that Sri Lanka and China agreed to establish a working group to resume negotiations on the delayed Free Trade Agreement (FTA).
Speaking at a media briefing to detail outcomes of President Anura Kumara Dissanayake’s recent state visit to China, Herath underscored the fresh commitment to advancing the bilateral trade agreement.
“Both countries agreed to form a working group to discuss the FTA,” he said in response to a question posed.
The Sri Lanka-China FTA stalled in 2018 after six rounds of negotiations. Last year, both countries started virtual negotiations for the first time since 2018. In a media briefing, Chief Negotiator K.J. Weerasinghe said China has shown some flexibility from the earlier position it took in 2018.
The joint statement, issued post-successful visit of President Dissanayake, stated the two sides are satisfied with the progress of bilateral cooperation in economy and trade.
Sri Lanka expressed appreciation to China for its efforts to promote imports from Sri Lanka through various means. China expressed its readiness to continue supporting Sri Lankan enterprises in the tea, gem, and other industries in establishing ties with relevant Chinese associations of importers and exporters, facilitate Sri Lanka’s participation in expos such as the China International Import Expo, China Import and Export Fair, China-South Asia Exposition, and e-commerce platforms, and further enhance cooperation between enterprises of the two countries on the basis of mutual benefit and win-win outcomes.
“The two sides agreed to work towards the early conclusion of a comprehensive FTA in one package in line with the principles of equality, mutual benefit, and win-win outcomes,” the statement reads.
It also added that Sri Lanka welcomes more business investment from China and will provide a conducive investment and business environment for this purpose. China will continue to encourage Chinese enterprises in investing in Sri Lanka to facilitate economic transformation and sustainable development in Sri Lanka.
The two sides agreed to expand cooperation in such fields as logistics, green development, and digital economy to propel their high-quality and mutually beneficial practical cooperation.
