Aug 10, 2018 (LBO) – Sri Lanka’s Prime Minister Ranil Wickremesinghe yesterday said that they are monitoring and reviewing the Singapore FTA to address issues.
Speaking at an award ceremony held yesterday, Wickremesinghe emphasized that if Sri Lanka wants to go global, the country must have access to the global market.
“Lots of people are worried about the FTA with Singapore, but I can’t see it having a harmful effect,” Wickremesinghe said.
“We are monitoring and reviewing it to ensure that if there is some problem you can take it up.”
Sri Lanka – Singapore FTA has provisions to establish a Joint Committee comprising representatives of Singapore and Sri Lanka to ensure that the agreement operates properly.
The committee supervises and facilitate the implementation and application of this agreement and seek to solve problems which might arise.
The committee also has the power to take decisions in respect of all matters in the cases provided by the agreement, without prejudice to the applicable legal requirements.
The first meeting of the Committee shall be held within one year after the entry into force of the agreement.
Sri Lanka will be progressively eliminating tariffs on 80 percent of goods over 15 years under the Sri Lanka – Singapore Free Trade Agreement.