Sri Lanka is trying to enhance development after its financial system contracted 3.8 % final yr, in accordance with World Financial institution estimates.
Thailand and Sri Lanka have signed a Free Commerce Settlement (FTA), a transfer Sri Lanka hopes will assist it emerge from its worst monetary disaster in many years.
“This transfer goals to strengthen market alternatives, with negotiations masking varied facets comparable to commerce in items, funding, customs process and mental property rights,” learn a press release printed on Saturday by the media division of the President of Sri Lanka.
The island nation has renewed a give attention to commerce agreements to foster financial development and assist its battered financial system, which is estimated by the World Financial institution to have contracted 3.8 % final yr after a extreme disaster of international forex plunged it right into a wider monetary disaster.
A delegation led by Thai Prime Minister Srettha Thavisin arrived in Colombo on Saturday to signal the FTA together with different agreements. Srettha may also attend Sri Lanka's 76th Independence Day celebrations on Sunday.
The delegation led by the Prime Minister of #Thailand Hon. Srettha Thavisin was ceremonially welcomed by President Ranil Wickremesinghe on the Presidential Secretariat.#DiplomacyLK @MFA_SriLanka @SLinBangkok #LKA # PMD pic.twitter.com/8d8gZLNqnz
– Media Division of the President of Sri Lanka – PMD (@PMDNewsGov) February 3, 2024
“It will present large enterprise alternatives for either side. We encourage our non-public sectors to discover the potential of two-way commerce and funding,” Srettha mentioned at a joint media briefing after the signing of the settlement
The 2 international locations additionally signed a brand new air companies settlement.
Bilateral commerce between Sri Lanka and Thailand was value about $460 million in 2021, Sri Lanka's central financial institution knowledge confirmed.
Sri Lanka primarily exports tea and treasured stones to Thailand and imports digital gear, meals, rubber, plastics and prescribed drugs.