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The
island nation has been renewing a focus on trade deals to foster
economic growth and help its battered economy, which is
estimated by the World Bank to have contracted 3.8% last year,
after a severe foreign exchange crunch plunged it into a wider
financial crisis.
The Free Trade Agreement (FTA) is aimed at enhancing market
opportunities, with negotiations covering various aspects such
as Trade in Goods, Investment, Customs Procedure and
Intellectual Property Rights, the short statement added.
A delegation headed by Thai Prime Minister Srettha Thavisin
arrived in Colombo on Saturday to sign the FTA along with other
agreements and Thavisin will also attend Sri Lanka's 76th
Independence Day celebrations on Sunday.
"This will provide tremendous business opportunities for both
sides. We encourage our private sectors to explore the
potentials of two-way trade and investment," Prime Minister
Thavisin told a joint media briefing following the signing.
The two countries also signed a new bilateral air services
agreement, providing for liberalized air services between the
two countries.
The countries' two-way trade was worth about $460 million in
2021, Sri Lankan central bank data shows. Sri Lanka exports
mainly tea and precious stones to Thailand and imports
electronic equipment, food, rubber, plastics and
pharmaceuticals.
(Reporting by Uditha Jayasinghe; Editing by Toby Chopra)
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