https://sputnikglobe.com/20220927/sri-lanka-to-prioritize-revival-of-controversial-free-trade-agreement-with-singapore-1101256874.html
Sri Lanka to Prioritize Revival of Controversial Free Trade Agreement With Singapore
Sri Lanka to Prioritize Revival of Controversial Free Trade Agreement With Singapore
Sputnik International
The two states concluded an FTA in January 2018 following 18 months of negotiations.The implementation of the deal was, however, stalled after Sri Lanka's... 27.09.2022, Sputnik International
2022-09-27T07:33+0000
2022-09-27T07:33+0000
2023-04-06T12:14+0000
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Sri Lanka President Ranil Wickremesinghe on Tuesday told Singapore’s Prime Minister Lee Hsien Loong that Colombo would prioritize the implementation of the Free Trade Agreement (FTA) signed between the two countries in 2018.During the discussions, Wickremesinghe also informed the Singaporean leader about the establishment of an international trade office in the President’s Office.The opposition previously claimed that the FTA, which covers a wide range of areas including goods and services, investment and e-commerce, would allow a massive flow of cheap labor from countries such as India, Pakistan, and Bangladesh, threatening local workers as a result. The Gotabaya Rajapaksa government had proposed more than a dozen amendments in May 2021, but the fate of the deal remained in limbo.Meanwhile, the country of 22 million people has been facing a severe shortage of food and fuel as foreign exchange reserves dwindled owing to financial mismanagement. Wickremesinghe won the presidential vote in the parliament with the help of the Sri Lanka Podujana Peramuna (SLPP) party in July amid unrest over the economic crisis, promised to bring the economy back on track by 2025 with economic reforms.Now, Sri Lanka's president is expected to fly to the Philippines on Wednesday where he will meet the governors of the Asian Development Bank.The island nation is expecting a positive response from the lenders such as Japan, India, and China on debt restructuring and potential future investments in Sri Lanka.Sri Lanka owes $51 billion in debt, primarily to western capitalists and multi-lateral organizations.
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Sri Lanka to Prioritize Revival of Controversial Free Trade Agreement With Singapore
07:33 GMT 27.09.2022 (Updated: 12:14 GMT 06.04.2023) The two states concluded an FTA in January 2018 following 18 months of negotiations.The implementation of the deal was, however, stalled after Sri Lanka's Podujana Perumana-led joint opposition and trade unions accused the Maithripala Sirisena government of signing a deal that was detrimental to the country.
Sri Lanka President Ranil Wickremesinghe on Tuesday told Singapore’s Prime Minister Lee Hsien Loong that Colombo would prioritize the implementation of the Free Trade Agreement (FTA) signed between the two countries in 2018.
During the discussions, Wickremesinghe also informed the Singaporean leader about the establishment of an international trade office in the President’s Office.
“Prime Minister Lee Hsien Loong says Singapore is looking forward to investing in Sri Lanka once again. President Ranil Wickremesinghe extends an invitation to visit Sri Lanka next year when the country celebrates its 75th Independence Anniversary,” the president’s Media Division stated.
The opposition previously claimed that the FTA, which covers a wide range of areas including goods and services, investment and e-commerce, would allow a massive flow of cheap labor from countries such as India, Pakistan, and Bangladesh, threatening local workers as a result. The Gotabaya Rajapaksa government had proposed more than a dozen amendments in May 2021, but the fate of the deal remained in limbo.
Meanwhile, the country of 22 million people has been facing a
severe shortage of food and fuel as foreign exchange reserves dwindled owing to financial mismanagement. Wickremesinghe won the presidential vote in the parliament with the help of the Sri Lanka Podujana Peramuna (SLPP) party in July amid unrest over the economic crisis, promised to bring the
economy back on track by 2025 with economic reforms.
Now, Sri Lanka's president is expected to fly to the Philippines on Wednesday where he will meet the governors of the Asian Development Bank.
The island nation is expecting a positive response from the lenders such as Japan, India, and China on debt restructuring and potential future investments in Sri Lanka.
Sri Lanka owes $51 billion in debt, primarily to western capitalists and multi-lateral organizations.
