The 8th round of negotiations for the Sri Lanka-Thailand Free Trade Agreement (SLTFTA) has concluded successfully, marking a significant step towards fostering economic ties between the two nations.
Co-chaired by Auramon Supthaweethum, Chief Negotiator of Thailand, and K.J. Weerasinghe, Chief Negotiator of Sri Lanka, the talks transpired from November 27-29 in Bangkok.
The Chief Negotiators of both countries expressed optimism about finalizing the negotiations by the end of 2023, with the formal signing of the FTA scheduled to take place on February 3, 2024. This date coincides with Sri Lanka's Independence Day celebrations, symbolizing a landmark moment in the economic partnership.
In a gesture of gratitude, the Chief Negotiator of Thailand welcomed the Sri Lankan delegation and conveyed the mutual commitment to concluding negotiations within the stipulated timeframe. Acknowledging Thailand's hospitality, the Chief Negotiator of Sri Lanka expressed appreciation for the collaboration.
On the sidelines of the negotiations, a seminar titled "Trade and Investment Opportunities in Thailand and Sri Lanka" was organized on November 29. Deputy Minister of Commerce Napintorn Srisunpang and Sri Lanka's Ambassador to the UNESCAP, C. A. Chaminda I. Colonne, delivered opening remarks at the seminar.
Deputy Minister Napintorn highlighted the strategic significance of the Thailand-Sri Lanka FTA, describing it as an opportunity to expand trade and investment into new markets in South Asia. Ambassador Colonne emphasized the historic ties between the two nations, rooted in Buddhist values, and expressed regret over the modest trade figures in 2022.
Despite the historical relations, the two-way trade amounted to USD 352 million in 2022, with an investment of only USD 0.74 million from Thailand. Ambassador Colonne outlined Sri Lanka's vision to integrate into the global economy, expand economic and trade relations in South Asia, and join the Regional Comprehensive Economic Partnership (RCEP).
The Thai delegation included officials from various ministries and departments, including the Ministry of Foreign Affairs, Department of Trade Negotiations, Department of Foreign Trade, Thai Customs Department, Board of Investment, and Office of the Council of State. The Sri Lankan delegation comprised senior officials from the Embassy and Permanent Mission of Sri Lanka in Thailand, Presidential Secretariat, Ministry of Foreign Affairs, Department of Commerce, Department of Trade and Investment Policies, Attorney General’s Department, Sri Lanka Customs, Central Bank, Board of Investment of Sri Lanka, and the Sri Lanka Export Development Board.
