Sri Lanka to kick off relevant negotiations for FTA with Malaysia
Posted on June 12th, 2024
Courtesy The Daily Mirror
Sri Lanka will be able to further strengthen its ties with Malaysia, with the Cabinet of Ministers this week giving the nod to commence the negotiations for a free trade agreement (FTA) between the two countries.
The proposal for the FTA was presented to the Cabinet by President Ranil Wickremesinghe.
The approval was granted with the Cabinet recognising the importance of export-oriented foreign direct investments, diversification of exports and expansion of market access for goods and services, to regain economic stability in the country.
Malaysia is the 34th export destination and fifth import origin for Sri Lanka, according to the Export Development Board (EDB).
Total exports to the country in 2023 were valued at US $ 58.34 million, while imports totalled US $ 736.39 million.
Moreover, exports to Malaysia increased 11.51 percent year-on-year, according to the EDB.
The main export products include petroleum oils, tea, textile, garments and industrial gloves.
Malaysia is also a key member of the Association of Southeast Asian Nations and Regional Comprehensive Economic Partnership, which signifies its status as a strong and strategic economy. (NR)