September 27, 2023
2 mins read

RCEP, India FTAs, And Beyond; Lanka Lays Down Big Plans

While stressing the significance of international trade agreements, President Wickremesinghe also underscored the need for Sri Lanka to become a centre for alternate dispute resolution….reports Asian Lite News

Sri Lankan President Ranil Wickremesinghe announced on Tuesday that the island nation would join the Regional Comprehensive Economic Partnership (RCEP) while upgrading Free Trade Agreement with India and entering into new agreements with other countries in the region.

“We will be entering a number of free trade agreements. We have got one with Singapore. We are about to finalize one with Thailand. We are discussing with India of upgrading agreement. Talking with Bangladesh,” President Wickremesinghe said while addressing the 2023 Commercial Mediation Symposium in Colombo.

While stressing the significance of international trade agreements, President Wickremesinghe also underscored the need for Sri Lanka to become a centre for alternate dispute resolution.

He emphasized that success in dispute resolution was crucial for Sri Lanka’s aspirations to be an outward-looking economy.

With the aim of resolving dispute and offshore activities efficiently and fast, the Sri Lankan President has planned to convert Chinese built Colombo Port City as the Colombo Financial Zone while change the Board of Investment (BOI) to an Economic Commission.

“Now we want Sri Lanka to be a centre. One is the new legislation which will replace the port city to make it a Colombo financial zone with jurisdiction for offshore activity. The new law has been drafted. And we will see the light of day before the end of the year,” he said.

Wickremesinghe urged legal professionals to look beyond Sri Lanka’s borders and specialize in emerging fields like AI, Blockchain and green energy to secure the nation’s competitive future.

He further emphasized that Sri Lanka must position itself as the central player in the region. “When examining Singapore as a benchmark, Sri Lanka should strive to match or surpass Singapore in various aspects, except for cost, where it should maintain a competitive advantage. This approach is crucial because there exists a noticeable void in this region, which Sri Lanka can effectively fill if it acts swiftly,” he said.

ALSO READ: Sri Lanka Backs India on Canada’s Allegations

Previous Story

India highlights Myanmar situation at UNHRC session

Next Story

India and US Explore Partnership in Battery Tech, Critical Minerals

Latest from -Top News

Industry Hails India-UK FTA

£34 billion boost, sweeping tariff cuts and market access mark UK’s most ambitious post-Brexit trade pact; Indian sectors set for exports surge…reports Asian Lite News Business leaders from both India and the

India, UK Sign Landmark FTA

The pact is set to make imported goods like Scotch whisky, gin, luxury cars, cosmetics, and medical devices more affordable for Indian consumers….reports Asian Lite News In a landmark moment for India-UK

Farmers Win Big in India-UK FTA

There is a massive gain for rural India and exporters with zero duty on processed foods compared with up to 70 per cent earlier….reports Asian Lite News The India-UK Free Trade Agreement

Modi-Starmer Meet Ahead of FTA Signing

During the discussions, the two sides will also review the progress of the Comprehensive Strategic Partnership (CSP)…reports Asian Lite News Prime Minister Narendra Modi on Thursday called on Keir Starmer at the

Hindu Temple Vandalised in Melbourne

Confirming the incident, Victoria Police mentioned they are investigating “four linked incidents in Boronia,” including the temple and two restaurants….reports Asian Lite News In a deeply disturbing incident of racial violence, a
Go toTop

Don't Miss

White House denies ‘warning’ India

“President Biden believes our partnership with India is one of

India’s Property Sector Could Reach $5.8 Trillion by 2047

This growth would elevate the real estate sector’s contribution to