Colombo: Whereas pushing to fast-track FTAs with India and China, a high-ranking Thai delegation has arrived right here to begin the third spherical of Sri Lanka-Thailand Free Commerce Settlement negotiations from Monday.
A group comprising 26 official delegates headed by Auramon Supthaweethum, Director Common of the Division of Commerce Negotiations, Thailand is to begin negotiations on Monday and Tuesday with Sri Lanka aiming to strike a steadiness on commerce which isn’t in favour of the crisis-hit South Asian island nation proper now.
The negotiation takes place towards the backdrop of a big commerce imbalance in favour of South-East Asia’s vacationer hotspot. In 2021, Sri Lanka imported items from Thailand value $355 million, however solely despatched $59 million to Thailand.
“The negotiations can be geared toward enhancing entry to our exports not solely within the Thai market but in addition in markets in different ASIAN international locations by means of Thailand’s gateway and reducing present non-tariff commerce obstacles to commerce,” President’s Media Division (PMD) acknowledged.
The talks will give attention to seven theme areas together with commerce in items, commerce in providers, investments, guidelines of origin, customized cooperation, commerce facilitation, and financial cooperation whereas Sri Lanka hopes to export treasured stones and black tea amongst different items.
The federal government’s goal of coming into the Regional Complete Financial Partnership, which represents 30 per cent of the worldwide inhabitants and economic system, can be superior by this settlement, PMD mentioned.
Sri Lanka plans to begin the operation with Thailand within the first quarter of 2024 whereas pushing to conclude talks on proposed FTAs with India and China by June and signing the offers by September.
In response to media experiences, on the instruction of President Ranil Wickremesinghe, Sri Lanka has requested India for dates to start talks by the top of this month.
Within the FTA with India, Sri Lanka’s important focus is on having the quota on attire exports to India eliminated, the media report indicated. Sri Lanka has despatched an inventory of almost 460 export items together with attire, tea, ceramic gadgets, tiles, coconut oil, and furnishings for obligation concessions from India and India is to ship its personal checklist of products requesting to take away duties in return.
Whereas exporting items round $900 million, Sri Lanka imports items value almost $4.3 billion yearly from India.
Media reported that the Sri Lankan authorities has additionally supplied an inventory of 400 items to China hoping to get obligation concessions underneath the proposed FTA.
In return, China has requested for obligation concessions on a few of its exports like fruits, and attire. To China, Sri Lanka yearly exports items value round $500 million whereas getting imports value round $4.7 billion.
(IANS)
