The proposed Sri Lanka-Thailand Free Trade Agreement (SLTFTA) is scheduled to be officially signed on February 3, 2024, as announced by Cabinet Spokesman, Minister Bandula Gunawardena, during today’s Cabinet press conference.
Minister Gunawardena highlighted that the signing of the FTA will proceed following the conclusion of multiple rounds of discussions by December 2023.
In alignment with the agreements reached during rounds 06 and 07 of the aforementioned discussions, the Cabinet of Ministers has approved the customs levy releasing program of Sri Lanka. This program has been meticulously formulated to facilitate the phased release of 80% of the combined categorized serial numbers within a 15-year timeframe, based on the combined categorized serial numbers of 2022. Additionally, it aims to partially release 5% of the combined categorized serial numbers within a period of 15-18 years, while the remaining 15% will be included in the minus list. President Ranil Wickremesinghe submitted these details for the consent of the Cabinet.
This strategic move comes as Sri Lanka intensifies its focus on trade deals, seeking to stimulate growth and aid in the recovery of its economy, which has been grappling with the most severe financial crisis in decades.
