Sri Lanka concerned about Brexit, US-China trade war

Sri Lanka today raised concerns over Brexit and the ongoing US-China trade war.

Prime Minister Ranil Wickremesinghe, speaking at the Sri Lanka Economic Summit 2019, said that the ongoing US-China trade war will have an impact on global trade.

Wickremesinghe said the trade war will result in atleast a 0.8 percent drop in global trade.

“We cannot expect the complete free trade that marked the post cold war era,” he said.

China and the US are now looking at resolving the trade dispute through negotiations.

China’s Finance Vice-Minister Liao Min will go to the United States for trade negotiations this week.

Wickremesinghe also noted that Brexit will have an impact on Sri Lanka with the UK being an important trading partner of Sri Lanka.

“For us the UK is an important market and if there is a no-deal Brexit it will affect the people,” he said.

The Prime Minister also said that Sri Lanka will maintain a good relationship with the US, China and India.

The Prime Minister said that Sri Lanka is also negotiating trade deals with China and several other countries and may consider one with Japan as well.

He also defended the Free Trade Agreement signed with Singapore, which came under criticism from some sectors in the country.

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