Singapore And Sri Lanka Agreement

In an interview with Channel NewsAsia about the agreement, Sri Lankan High Commissioner Nimal Weeraratne said in Singapore that the two governments had found that they could conclude a « modern, comprehensive and higher value free trade agreement » between the two countries. 5 Global edges. Sri Lanka: trade statistics. Available at globaledge.msu.edu/countries/sri-lanka/tradestats. 11 Sri Lanka Ministry of Development Strategies and International Trade. Free trade agreement between the Socialist Democratic Republic of Sri Lanka and the Republic of Singapore. Available at modsit.gov.lk/32-uncategorised/115-free-trade-agreement-between-the-democratic-socialist-republic-of-sri-lanka-and-the-republic-of-singapore.html. MTI explained the main benefits of the agreement and said Sri Lanka would eliminate tariffs on 80% of Singapore`s exports over a 15-year period. Market access in Singapore was not a problem for Sri Lanka even before the agreement. Singapore is one of the most open economies in the world: 99% of imported goods are duty-free and few imports are prohibited. Singapore, which will assume the PRESIDENCy of ASEAN in 2018, is expected to support Sri Lanka`s eventual participation in the Comprehensive Regional Economic Partnership (RCEP). RCEP promises to become the world`s largest free trade agreement: the 16 participating countries account for 31% of global GDP, including the ten ASEAN countries, China, India and Japan.

RCEP membership offers Sri Lanka the price of simultaneous access to a huge regional market and dynamic Asian direct investment. Participation in the RCEP is also simpler and less burdensome for Sri Lanka`s limited negotiating capacity than separate negotiations on 16 bilateral free trade agreements. In accordance with the agreement, the Singapore International Arbitration Centre is an institution in which investor-state disputes can be heard. MTI said it is with the aim of promoting Singapore as an arbitration centre. 9, Lianne. `The Gateway to South Asia`: Singapore Businesses Set up shop in Sri Lanka. Available at: www.channelnewsasia.com/news/singapore/the-gateway-to-south-asia-singapore-businesses-set-up-shop-in-9885030#page=88. With a significant geostrategic situation in the Indian Ocean, international trade is a natural priority for Sri Lanka. Over the years, the country has signed a series of bilateral and multilateral free trade agreements, the last of which in January 2018, the Sri Lanka-Singapore Free Trade Agreement (SLSFTA). However, when the SLSFTA began in 2019, the SLSFTA faced a number of challenges and highlighted the pros and cons of these agreements.

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