SL to join RCEP, world’s largest free trade area

15 July 2023 06:29 pm - 10 - {{hitsCtrl.values.hits}}

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Foreign Minister Ali Sabry said Sri Lanka was intending to become a member of the Regional Comprehensive Economic Partnership (RCEP) which is the world's largest free trade area that came into effect on January 1, 2022, the Foreign Ministry said.

He said Sri Lanka has submitted the Letter of Intent to join the RCEP to the ASEAN Secretariat on June 28, 2023.

Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand and Vietnam are the 15 founding members of the RCEP. The RCEP became open for new members from July 01, 2023.

The Minister said this at the 30th ASEAN Regional Forum (ARF) Ministerial Meeting held on July 14, 2023 in Jakarta, Indonesia.

The ARF is an Asia-Pacific region centric security dialogue mechanism inaugurated in 1994 in Thailand which seeks to promote regional development and prosperity through open and inclusive dialogue while recognizing challenges to regional peace, security and prosperity. The ARF has 27 member states and Sri Lanka has been a member since 2007.

Addressing the forum, Foreign Minister Sabry highlighted the important areas of cooperation for Sri Lanka, including maritime security, disaster management, defence related confidence building measures and preventive diplomacy, and for sustaining the growing economic dynamism and prosperity of the region. He also welcomed the steady advancement in the areas of cooperation in the ARF and unreservedly supported the process.

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Comments - 10

Jeya Saturday, 15 July 2023 07:47 PM

It will be so good if we can join ASEAN. Our people get free movement across all of South Asia.

Alasaya Saturday, 15 July 2023 07:52 PM

Just joining without proper plans for trading,manufacturing, and invester satisfaction will not bring expected results. Deceptive cheting and revengeful attitudes are the haulmark of many in the scene, always want somethings.

THE TRUTH Saturday, 15 July 2023 08:37 PM

IF YOU WANT TO WORK 15 COUNTRY CHINA OUT. , INDIA IN. WITHOUT IT, IT WILL NOT WORK.

China already part of RCEP, India not a member Sunday, 16 July 2023 09:20 PM

China already member of RCEP. India is not a member. Most country know China more important for trade than India, which will always languish behind.

Ama Saturday, 15 July 2023 10:03 PM

Good move.

Cherath Sunday, 16 July 2023 05:27 AM

Shouldn't Sri Lanka get its house in order first to keep abreast with normal international relationships like trade agreements and economic partnerships? Record borrowings in the first half of this year were mainly for consumption = we borrowed just to live the day!

Iqbal Sunday, 16 July 2023 06:05 AM

Excellent move for SL. India is not in it. China and Japan are the leading economies of this group.

Denver Sunday, 16 July 2023 07:10 AM

The way to go. Plug into larger markets.

NAGA Sunday, 16 July 2023 08:44 AM

BAD MOVE, WHAT HAPPENED SARCK? NON ALLAIAN.?

Adam Sunday, 16 July 2023 08:50 AM

Sri lanka cannot produce there own eggs at low cost...how are you going to compete with others??? Bad move for country. Cheap Imports will increase.

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SL to join RCEP, world’s largest free trade area

Comments - 10

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