The Government is adopting ambitious economic reforms program to revitalise the domestic economy, official source said.
Key elements of this program are to join the regional and global supply chains and re-engagement with the global economy to enhance exports and export-oriented foreign direct investment.
In this context, the Government is currently engaged in an effort to establish comprehensive free trade agreements targeting large and emerging economies while further penetrating into the main export markets of USA and Europe.
Towards this end, Sri Lanka has already resumed negotiations with Thailand on the proposed Sri Lanka-Thailand Free Trade Agreement (STFTA) and the authorities are in the process of concluding the fourth round of negotiations today (29) after three days of negotiations in Colombo. The aim is to sign the agreement in early 2024.
In a bid to access the vast Chinese market for Sri Lankan products, especially for the potential exports to China, negotiations of China - Sri Lanka Free Trade Agreement (CSFTA) commenced several years back and six rounds of negotiations were concluded. With the intension to resume the talks soon, both countries have shared diplomatic notes and the officials are currently engaged in discussions on arranging the seventh round of negotiations in late April, after the Sinhala and Tamil New Year celebrations.
FT