Sri Lanka seeks access to RCEP trade bloc

• Cabinet nod to entrust Secretary to the President for directing formal letter of interest in participating in RCEP

In a bid to unlock greater economic cooperation and opportunities, Sri Lanka is actively pursuing access to the Regional Comprehensive Economic Partnership (RCEP).

Recognising the potential advantages, the Cabinet of Ministers approved the proposal submitted by President Ranil Wickremesinghe to entrust the Secretary to the President for directing a formal letter of interest in participating in the RCEP.

The RCEP is an independent trade agreement that brings together five regional countries, including Australia, China, Japan, South Korea, and New Zealand, who have already established individual trade agreements with the ten member countries of the Association of Southeast Asian Nations (ASEAN) and its member states.

On 25 May, President Wickremesinghe told Nikkei’s Future of Asia forum that Sri Lanka would look to join the RCEP trade bloc “to achieve a higher level of economic liberalisation.” 

Access to the RCEP presents an opportunity for Sri Lanka to expand its economic reach and forge closer ties with key regional players. The agreement’s comprehensive nature and its inclusion of major economies create avenues for increased trade, investment, and cooperation across various sectors. 

The decision to seek participation in the RCEP underscores the Government’s commitment to advancing Sri Lanka’s position in the global economic landscape.

 Analysts said the journey towards joining the RCEP will require careful deliberation, strategic decision-making, and constructive dialogue.

“By actively pursuing participation in the RCEP, Sri Lanka aspires to embrace new opportunities, strengthen economic ties, and foster sustainable growth. It is a step towards creating a more prosperous future for the nation, driven by increased trade, investment, and collaboration with regional partners,” they added.