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Sri Lanka and Thailand to sign FTA on 3 February 2024

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Summary

Sri Lanka and Thailand plan to sign a bilateral Free Trade Agreement on 3 February 2024, coinciding with Sri Lanka's Independence Day celebrations on 4 February. This follows the successful conclusion of the 6th Round of Sri Lanka-Thailand Free Trade Agreement (SLTFTA) Negotiations from 21-23 August. The negotiations were co-chaired by representatives from both countries and the delegation of Sri Lanka comprised of officials from the Presidential Secretariat, Ministry of Foreign Affairs, Ministry of Finance, Ministry of Industries, Department of Commerce, Department of Trade and Investment Policies, and more. The delegation of Thailand included representatives from the Ministry of Foreign Affairs, Department of Trade Negotiations, and other departments. The agreement is expected to be signed by the end of 2023.

Q&As

When is Sri Lanka and Thailand scheduled to sign a Free Trade Agreement?
Sri Lanka and Thailand are scheduled to sign a Free Trade Agreement on 3 February 2024.

What are the seven working groups that were discussed in the negotiations?
The seven working groups that were discussed in the negotiations are trade in goods, trade in services, rules of origin, technical barriers to trade, trade remedies, investment and legal and institutional issues.

Who are the chief negotiators from Sri Lanka and Thailand?
The chief negotiators from Sri Lanka and Thailand are Department of Trade Negotiations Director General and the Thailand’s Chief Negotiator Auramon Supthaweethum and Sri Lanka’s Chief Negotiator K. J. Weerasinghe.

What did the Sri Lanka delegation request of the Thai side?
The Sri Lanka delegation requested the Thai side to consider the concept paper submitted by the Sri Lanka side on the establishment of a special investment zone exclusively for Thai investors.

What is the vision of the Sri Lankan Government in terms of economic and trade relations?
The vision of the Sri Lankan Government in terms of economic and trade relations is to integrate into the global economy, in this context, to expand economic and trade relations to South Asia and then to the East and to join Regional Comprehensive Economic Partnership (RCEP).

AI Comments

👍 It is great to see Sri Lanka and Thailand taking steps towards increasing their economic and trade relations, with the aim of signing a Free Trade Agreement in 2024.

👎 It is unfortunate that the process for this agreement has been so slow, as it has already taken many months to get to this point.

AI Discussion

Me: It's about Sri Lanka and Thailand signing a Free Trade Agreement (FTA) on 3 February 2024, to coincide with Sri Lanka's Independence Day celebrations on 4 February.

Friend: That's really interesting. What are the implications of this agreement?

Me: This FTA will open up trade between the two countries, which can lead to increased economic growth and development. It will also create more job opportunities for people in both countries, as well as better access to goods and services. Additionally, it could lead to increased investment in both countries, which could bring in more foreign capital and help spur economic growth. It could also lead to better cooperation between the two countries in terms of foreign policy and security.

Action items

Research the benefits of the Sri Lanka-Thailand Free Trade Agreement for businesses in both countries.
Reach out to the Sri Lanka and Thailand governments to learn more about the agreement and how it will impact businesses.
Follow the progress of the agreement and look for opportunities to take advantage of the new trade opportunities it will create.

Technical terms

FTA: Free Trade Agreement. An agreement between two or more countries to reduce or eliminate trade barriers, such as tariffs and quotas, and to increase trade between them.
Negotiations: Discussions between two or more parties to reach an agreement.
Technical Barriers to Trade: Regulations, standards, testing and certification procedures that can act as barriers to trade.
Trade Remedies: Measures taken by governments to protect domestic industries from foreign competition. These can include tariffs, quotas, subsidies and other forms of protection.
Investment: The purchase of assets, such as stocks, bonds, real estate, or other financial instruments, with the expectation of earning a return on the investment.
Legal and Institutional Issues: Legal and institutional issues related to the implementation of a free trade agreement, such as the enforcement of laws and regulations, dispute resolution mechanisms, and the protection of intellectual property rights.