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Sri Lanka to join RCEP after credit optimisation steps conclude: Prez

11 Aug '23
1 min read
Pic: Presidential Secretariat
Pic: Presidential Secretariat

Insights

  • Sri Lanka's intention to join the RCEP trade bloc is poised to materialise following the conclusion of credit optimisation initiatives, President Ranil Wickremesinghe recently told an event in Colombo to celebrate the 56th anniversary of the ASEAN.
  • He also announced plans to initiate talks to conclude free trade agreements with corresponding ASEAN members.
Sri Lanka’s intention to join the Regional Comprehensive Economic Partnership (RCEP) is poised to materialise following the conclusion of credit optimisation initiatives, President Ranil Wickremesinghe recently said.

He also announced plans to initiate negotiations to conclude free trade agreements (FTAs) with corresponding Association of Southeast Asian Nation (ASEAN) members.

He affirmed his alignment with the future vision of ASEAN for the Indo-Pacific area, pledging full support for the advancement of this strategic perspective.

The president made these remarks while addressing the 56th anniversary of the ASEAN recently at the Indonesian embassy in Colombo, an official release said.

He admitted that turning down the opportunity to join ASEAN earlier led to a period of socialist economic policies and limited capital formations, hindering the country’s growth potential.

Sri Lanka has already forged a crucial trade agreement with Singapore and is actively negotiating with Thailand, he informed.

The country’s economic focus should now turn towards the east, given the rapid development in that region, he added.

Fibre2Fashion News Desk (DS)

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