(MENAFN- Colombo Gazette) Thailand's Prime Minister Srettha Thavisin will travel to Sri Lanka to sign a Free Trade Agreement (FTA) in February following the latest round of talks between the two countries, according to the Thai Commerce Ministry.
Chotima Iemsawasdikul, the Director General of Thai Commerce Department's Department of Trade Negotiations, told the media that Sri Lanka hosted the 9th round of trade negotiations from December 18-20. It was attended by Auramon Supthaweethum, the Director General of Thailand's Department of Business Development and advisor to FTA negotiation team.
Negotiations for the free trade agreement between Sri Lanka and Thailand resumed in November after being put on hold for 4 years consequent to the Covid-19 pandemic and ongoing restructuring of Sri Lanka's state-owned entities.
Ms Chotima stated that the latest round of talks have agreed on the rules on trade, services, investments and economic cooperation.
The Commerce Ministry would submit the results of the negotiations to the Thai Cabinet for approval before PM Thavisin travels to Sri Lanka to ink the agreement in February, on the invitation of President Ranil Wickremesinghe.
Sri Lanka plays a significant role in maritime freight in the Indian Ocean, and it is home to abundant natural resources such as gemstones, graphite, and aquatic animals, she said.
Many industries in Thailand would benefit from the FTA, including those in the automotive, fashion, gems, metal, electronic items, machinery, rubber gloves, pet food, and corn, she said adding that the FTA will also benefit from service firms, including those in finance, insurance, tourism, and research and development.
From January to October 2023, the value of bilateral trade between Thailand and Sri Lanka was worth USD 320.37 million.
Thailand exported goods worth USD 213.49 million, while it imported goods worth USD 106.88 million from Sri Lanka. (Bangkok Post)
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