3 April 2019 07:12 pm
The government will initiate the review process of the Free Trade Agreement between Singapore and Sri Lanka in May, a Minister said today.
Development Strategies and International Trade Minister Malik Samarawickrama told Daily Mirror that the FTA agreement was in force. However, he said a review process would begin in May.
The Sri Lanka - Singapore Free Trade Agreement 2018 (SLSFTA) was signed in January 12, 2018 after six rounds of negotiations that started on July 13, 2016 a relatively short period. The SLSFTA is Sri Lanka’s sixth trading agreement.
However, there were concerns about certain misgivings in the SLSFTA. President Maithripala Sirisena appointed a committee.
The expert committee studied the SLSFTA has handed over its report to the President on December 10, 2018. The committee, headed by former Vice Chancellor of the University of Colombo Prof. W. D. Lakshman, recommended certain amendments.
The SLSFTA includes provisions that provide for its revision in agreement with both sides.
Bilateral trade in goods between Singapore and Sri Lanka was valued at US $ 1.1 billion in 2017. There is a trade balance in favour of Singapore. A bulk of imports from Singapore includes petroleum products.
Meanwhile, the talks between India and Sri Lanka on the Economic and Technology Cooperation Agreement (ETCA) have been stalled till the elections are over in India.
The Indian elections are due to be concluded in May. (Kelum Bandara)