The FTA with Singapore and what it means for Sri Lanka - By Prof. Arusha Cooray Archives

The FTA with Singapore and what it means for Sri Lanka – By Prof. Arusha Cooray President Maithripala Sirisena and Singapore Prime Minister Minister Lee Hsien Loong watch as Development Strategies and International Trade Minister Malik Samarawickrama and Singapore’s Trade and Industry Minister S. Iswaran sign the free trade agreement between the two countries Sri Lanka and Singapore signed the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) on 23 January. This is a comprehensive Free Trade Agreement which covers goods, services, e-commerce, telecommunications, foreign direct investment, intellectual property and public procurement. Under the SLSFTA, Sri Lanka will progressively dismantle tariffs on 80% of Singapore’s exports over the next 15 years. This agreement is a significant step forward towards establishing stronger economic and politicalties between the two nations. Prof. Arusha Cooray In 2017, Sri Lanka’s bilateral trade with Singapore was valued at $2.7 billion, accounting for approximately 2.5% of GDP, while Singapore’s ...