Sri Lanka’s cabinet approves signing FTA with Singapore

downloadSri Lanka’s Cabinet has approved a proposal to sign the proposed Free Trade Agreement between Sri Lanka and Singapore.

The proposed Free Trade Agreement consists of provisions regarding trade in goods and services, service liberalization, investments and public procurement.

Following the proposal put forward by International Trade Minister Malik Samarawickrama, Cabinet has granted approval to sign this agreement subject to the clearance of the Attorney General.

Experts of the two countries have already agreed to the provisions of the proposed Free Trade Agreement which is to be signed between Sri Lanka and Singapore soon.

Steps have also been taken to include appropriate amendments taking into account the observations made by several ministers regarding the draft agreement.

The introduction of this FTA is expected to create a favorable environment for investment while attracting foreign direct investment from Singapore.

Courtesy – LBO

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