Sri Lanka is aiming to boost growth after its economy shrank by 3.8% last year, according to World Bank estimates.
Thailand and Sri Lanka have signed a free trade agreement (FTA), which Sri Lanka hopes will help it emerge from its worst financial crisis in decades.
A statement released by the Sri Lankan President's Media Department on Saturday said: “The move is aimed at expanding market opportunities, with negotiations covering various aspects such as merchandise trade, investment, customs formalities and intellectual property rights. There it is written.
The island nation has renewed its focus on trade deals to boost economic growth and support its battered economy, after a severe currency crisis plunged the country into a broader financial crisis, according to the World Bank. , the economy is estimated to have shrunk by 3.8% last year.
A delegation led by Thai Prime Minister Suretta Thavisin arrived in Colombo on Saturday to sign the FTA, among other agreements. Mr. Suretta will also attend Sri Lanka's 76th Independence Day celebrations on Sunday.
A delegation led by the Prime Minister #Thailand My lord. Sureta Thabisin was welcomed at a ceremony by President Ranil Wickremesinghe at the Presidential Secretariat.#diplomacyLK @MFA_Sri Lanka @SLin Bangkok #LKA #PMD pic.twitter.com/8d8gZLNqnz
— Sri Lanka Presidential Media Department – PMD (@PMDNewsGov) February 3, 2024
“This will bring tremendous business opportunities to both sides. We encourage the private sector to explore the possibility of two-way trade and investment,” Sletta told a joint reporter after signing the agreement. He spoke at a press conference.
The two countries also signed a new air services agreement.
Bilateral trade between Sri Lanka and Thailand was worth about $460 million in 2021, according to data from the Central Bank of Sri Lanka.
Sri Lanka mainly exports tea and precious stones to Thailand and imports electronics, food, rubber, plastics and pharmaceuticals.