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Cabinet approves FTA talks between Malaysia and Sri Lanka

12 Jun, 2024

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The Cabinet has approved a proposal to commence talks to reach a Free Trade Agreement (FTA) between Sri Lanka and Malaysia.

The Government said that it has been recognized that the attraction of export-oriented foreign direct investments, diversification of exports and expansion of market access for goods and services are important to regain the economic stability of Sri Lanka.

For that, it is necessary for Sri Lanka to develop economic integration with countries that have strong and strategic economies, a statement issued following the weekly Sri Lanka Cabinet meeting, said.

Malaysia is Sri Lanka’s 34th export destination, is a key member of ASEAN and the Regional Comprehensive Economic Partnership and, in the year 2023, the total value of exports to Malaysia was 58.3 US dollars.

Accordingly, the Cabinet of Ministers approved a proposal presented by President Ranil Wickremesinghe to begin relevant negotiations on an FTA considering the importance of reaching a free trade agreement between Sri Lanka and Malaysia. (Colombo Gazette)

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