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Govt. resumes measures to operationalise FTA with Singapore

Daily Mirror - 20 January 2023

Govt. resumes measures to operationalise FTA with Singapore

The government has resumed measures to operationalise the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) that came into effect in May 2018, Chief Negotiator at the International Trade Office of the Presidential Secretariat K.J. Weerasinghe told Mirror Business.

The SLSFTA was the first comprehensive FTA Sri Lanka entered into which covers goods, services, investment, intellectual properties, telecommunications, e-commerce, trade facilitation, government procurement, competition and economic and technical co-operation.

The activation of the FTA was halted during the past three-year period due to negative political developments.

President Ranil Wickremesinghe late last year instructed to take immediate measures to operationalise the SLSFTA under the newly established International Trade Office.

The Joint Committee set up in accordance with SLSFTA comprising designated officials from both countries met this month to finalise the modalities pertaining to operationalisation. Accordingly, Weerasinghe revealed that the operationalisation of SLSFTA is currently underway.

Shortly, several Ministries including the Finance Ministry and certain State institutions are expected to issue gazette notifications implementing the commitments and provisions of the FTA.

However, he noted that full activation of the FTA would be somewhat a long process as it involves a number of State entities to implement the provisions with variable timelines.

 source: Daily Mirror