The third round of settlements between Sri Lanka and Thailand on the proposed Free Trade Agreement (FTA) is scheduled to be hung on January 09 and 10 in Colombo, the Presidents Media Division (PMD) said today.Attended by 26 main delegates from Thailand, led by Ms.

Auramon Supthaweethum, the Director General of the Department of Trade Negotiations, the conversations will advance the governments agenda of expanding the market gain access to for Sri Lankan exports, the PMD said further in its statement.Seven topics-- sell goods, trade in services, financial investments, rules of origin, custom-made cooperation, trade assistance, and financial cooperation will be the focus of the negotiations.The start of the settlements will happen against the backdrop of a substantial trade imbalance in Thailands favour.In 2021, Sri Lanka imported products from Thailand worth USD 355 million, however just sent out USD 59 million to Thailand.Thus, from the point of view of Sri Lanka, the settlements will be aimed at improving access to Sri Lankas exports not only in the Thai market however likewise in markets in other ASIAN countries through Thailands entrance and decreasing existing non-tariff trade obstacles to trade.According to market possible assessments, Sri Lankan exports of precious stones, black tea, and other items have a great deal of promise.Sri Lanka is confident that via successful conversations, doors can be developed to offer chances in both the new industries and for the two nations present trade frameworks.The National Trade Negotiating Committee (NTNC), whose members primarily represent the Ministries of Foreign Affairs, Trade, Commerce, and Food Security, the Department of Trade - Investment Policy of the Treasury, and the Department of Commerce, will take part in the negotiations on behalf of Sri Lanka under the management of Mr.

K.J.

Weerasinghe, Chief Negotiator, and the Presidential Secretariat.In the first quarter of 2024, the government prepares to put this arrangement into operation.

The NTNC will give the particular requests made by the regional company associations/chambers considerable factor to consider during the negotiations.The governments goal of getting in the Regional Comprehensive Economic Partnership, which represents 30% of the worldwide population and economy, will be advanced by this agreement.Since trade is a growth tool that relates to both nations, the government of Sri Lanka aspires to strengthen the bilateral relationship with Thailand.Thailand and Sri Lanka have formal diplomatic relations that date back 68 years, and Thailands economy was especially increased by the fast growth of manufactured exports.-PMD.

This short article very first appeared/also appeared in https://adaderana.lk