Wednesday, 19 July 2023 11:01

Sri Lanka to join the world largest trade bloc to revive economy Featured

In its bid to revive the economy in the long run, Sri Lanka has initiated steps to join the world's largest free trade zone called 'Regional Comprehensive Economic Partnership (RCEP) ', a trade grouping of countries including key world economies such as China, Australia and Japan.

This is in addition to the conclusion of ongoing talks for the Free Trade Agreement (FTA ) with Thailand. The next round of FTA talks will be held in Thailand next month.

Foreign Minister Ali Sabry who held talks with Thai Prime Minister Prayut Chan-o-cha and Foreign Minister Don Pramudwinai discussed the need for expediting FTA negotiations, and sought assistance of Thailand as a member of ASEAN to join RCEP. Thailand is one of the first countries to ratify RCEP.

The Minister noted that Sri Lanka sought assistance from Thailand to join RCEP which is a regional free trade agreement that entered into force on January 1, 2022 for ten original parties: Australia, Brunei, Cambodia, China, Japan, Laos, New Zealand, Singapore, Thailand and Vietnam.

 

 

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