South Korean envoy seeks improved bureaucratic efficiency in trade facilitation

Asked whether South Korea believes in an FTA with Sri Lanka, she said there is the Asia-Pacific Trade Agreement (APTA) in this regard.   

She said the APTA arrangement includes China, India, Korea, Nepal, and Mongolia, and that 50 percent of Sri Lankan exports to South Korea benefit from APTA.   “But other than that, there is not much trade between the two countries. That’s why I think it is going to be very important for Sri Lanka to pursue RCEP (Regional Comprehensive Economic Partnership),” she said.   

South Korea is also part of the RCEP countries.   

“Unfortunately, there is not much appetite for upgrading APTA because we already have separate FTAs with India and China,” she said.   

“We have huge investments in India and also in ASEAN countries. I think it would be very important that Sri Lanka take that kind of opportunity to see if there is any initiative for Sri Lankan companies to provide supplies to Korean companies working in other countries,” she said.