SLTFTA to increase Lankan exports by 38 per cent

This was shared by Dr. Asanka Wijesinghe, research fellow at Sri Lanka’s Institute of Policy Studies (IPS), while presenting the findings of a research carried out by the IPS.

Speaking at an event organised by the Ceylon Chamber of Commerce on SLTFTA and its impact on Sri Lanka’s economic growth, Dr. Wijesinghe highlighted the significance of SLTFTA focussing on food items, rubber products and apparels under FTAs as these items otherwise attract high tariffs in Thailand even as he suggested FTAs could be a strategic tool for the island nation to engage in targeted liberalisation and pursue growth through specialised trade agreements with specific countries.

Meanwhile, Ceylon Chamber chairman Duminda Hulangamuwa, on his part said Sri Lanka needs to explore and leverage agreements strategically to be competitive with countries like Vietnam, Singapore, China, Thailand and Malaysia even as he stressed the importance of facing global market competitiveness but asserted that sustained global trade growth can lead to an 8 per cent to 9 per cent economic growth rate, and the nation cannot rely on 2 per cent to 3 per cent growth.

On the other hand, chief negotiator of the SLTFTA, KJ Weerasinghe, highlighted the need to align with the government’s vision for global market access and attracting investments while acknowledging that Sri Lanka has lost opportunities on the trade side in the last five years.

Fibre2Fashion News Desk (DR)