COLOMBO: Singapore and Sri Lanka will sign a Free Trade Agreement (FTA) today in Colombo.
Development Strategies and International Trade Minister Malik Samarawickrama from Sri Lanka and Trade and Industry Minister S. Iswaran will sign the agreement on behalf of Singapore.
Prime Minister Lee Hsien Loong, who is in Colombo on a three-day visit, will also be present on the occasion.
Sri Lanka’s Cabinet approved a proposal to sign the Free Trade Agreement (FTA) with Singapore last week.
The FTA consists of provisions regarding trade in goods and services, service liberalization, investments and public procurement, LankaBusinessOnline.com revealed. Sri Lankan media said the FTA is expected to attract foreign direct investment from Singapore.
Sri Lankan Prime Minister Ranil Wickremesinghe in on his Twitter that he had made efforts to finalise the FTA.
In 2016, I led a trade mission to Singapore to secure a Free Trade Agreement – to boost our economy. On Monday, after much hard work, we will welcome PM @leehsienloong to Sri Lanka to sign that Free Trade Agreement. pic.twitter.com/o8Hx3MQ4Ga
— Ranil Wickremesinghe (@RW_UNP) January 20, 2018
After this trip, Loong will visit New Delhi for a two-day visit to attend the ASEAN-India Commemorative Summit.