Thailand calls for FTA with Sri Lanka; triple bilateral trade by 2020

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Mar 10, 2016 (LBO) – Thailand, South East Asia’s second largest economy has officially called for an FTA with Sri Lanka as both countries pushing for a three-fold increase in bilateral trade by 2020.

Bilateral trade between Sri Lanka and Thailand hovered at 500 million US dollars in 2015.

“Thailand is proposing a Free Trade Agreement with Sri Lanka. If Sri Lanka agrees, this FTA will usher in a new era of mutual cooperation and prosperity,” Deputy Prime Minister for Economic Affairs of Thailand Dr Somkid Jatusripitak said.

Deputy Prime Minister was addressing the Business Forum organized by the Export Development Board today.

“We have signed 3 MoUs yesterday. We agree on our commitment to triple our bilateral trade to 1.5 billion US dollars from present 500 million US dollars, in five years.”

The new MoUs and Letters of Intent between Sri Lanka and Thailand entered yesterday in Colombo unravel bilateral many opportunities –specifically in pharmaceuticals, fruits and vegetables, and automation.

“I am also pleased to inform you about the 2015-2019, five year development cooperation program co-chaired by the International Trade Minister of Sri Lanka that we discussed today morning, with emphasis on SME cooperation between both countries,”

“The meeting also touched on increasing Ceylon tea quotas to Thailand, and provision of technical assistance and capacity building, and tourism.” he further said.