Sri Lanka to proceed with talks for preferential trade agreement with Indonesia

Wednesday, 12 July 2023 00:40 - - {{hitsCtrl.values.hits}}

Cabinet Co-Spokesman and Minister Bandula Gunawardena

Cabinet Co-Spokesman and Minister Bandula Gunawardena says Govt. is expediting negotiations on various trade agreements, including Thailand, China, and Singapore

By Charumini de Silva

The Cabinet of Ministers approved engaging in discussions with Indonesia regarding the signing of a preferential trade agreement.

Speaking at the post-Cabinet meeting media briefing yesterday Cabinet Co-Spokesman and Minister Bandula Gunawardena emphasised the significance of Indonesia as one of the largest economies in South East Asia.

He highlighted that the discussions aim to provide preferential treatment to selected goods, facilitating increased export opportunities and competitive imports.

“This move aligns with President Ranil Wickremesinghe’s proposal to establish agreements with multiple countries, with the goal of bolstering Sri Lanka’s export-import trade. The preferential trade agreement with Indonesia holds significant potential for the economy, as it would pave the way for increased trade volumes and strengthen bilateral cooperation. By providing preferential treatment to selected goods, both nations can enjoy improved market access and competitiveness, leading to mutual benefits,” he added.

Cabinet Co-Spokesman also disclosed that the Government is expediting negotiations on various trade agreements, including those with Thailand, China, and Singapore.

These efforts are being attempted under the guidance of President Wickremesinghe, demonstrating the Government’s commitment to enhancing international trade relations.

As discussions progress between Sri Lanka and Indonesia, further details about the specific terms and provisions of the preferential trade agreement are expected to emerge. These developments will shape the future trajectory of trade relations between the two countries, contributing to economic growth and prosperity in the region.

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