Sri Lanka signs a free trade agreement with Thailand to revive the economy | International trade news

Sri Lanka is seeking to boost growth after its economy contracted by 3.8 percent last year, according to World Bank estimates.

Thailand and Sri Lanka have signed a free trade agreement (FTA), a move Sri Lanka hopes will help it emerge from its worst financial crisis in decades.

“This move aims to enhance market opportunities, as negotiations cover various aspects such as trade in goods, investment, customs procedures and intellectual property rights.” statement It was published by the Sri Lankan President’s Media Department on Saturday.

The island nation is renewing its focus on trade deals to boost and assist economic growth The exhausted economyWhich the World Bank estimates shrank by 3.8 percent last year after the severe foreign exchange crisis led to a broader financial crisis.

A delegation headed by Thai Prime Minister Sritha Thavisin arrived in Colombo on Saturday to sign the free trade agreement among other agreements. Sreetha will also attend Sri Lanka’s 76th Independence Day celebrations on Sunday.

“This will provide huge business opportunities for both sides. We encourage our respective sectors to explore the potential of two-way trade and investment,” Sreetha said at a joint press conference after signing the deal.

The two countries also signed a new air services agreement.

Data from the Central Bank of Sri Lanka showed that bilateral trade between Sri Lanka and Thailand was worth about $460 million in 2021.

Sri Lanka mainly exports tea and gemstones to Thailand and imports electronic equipment, food, rubber, plastics and medicines.

(Tags for translation)Economy

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