Sri Lanka and Thailand advance on free trade deal

The fifth round of negotiations for the proposed Sri Lanka-Thailand Free Trade Agreement (FTA) began in Colombo, according to the President's Media Division (PMD). These discussions are part of Sri Lankan President Ranil Wickremesinghe's plan to enhance economic relations with key and emerging economies, particularly ASEAN countries. The next negotiation round will be held in Thailand from August 21 to 23, with three more rounds expected to finalize the FTA by February 2024 and the signing scheduled for March 2024. As Thailand's fourth-largest South Asian trading partner, Sri Lanka primarily exports gems, jewellery, tea, spices, fibre, and metal products to the country. In 2021, Sri Lanka imported goods worth USD355m from Thailand and exported USD59m in commodities.