Sri Lanka International Trade Agreements

Sri Lanka is a country that has been actively involved in international trade agreements for many years. The island nation has been successful in increasing its trade relations with several countries around the world, which has led to economic growth.

Sri Lanka has been a member of the World Trade Organization (WTO) since 1995, which has enabled the country to benefit from the liberalization of trade policies. The WTO provides a framework for trade negotiations and helps to promote free trade across the world. This membership has helped Sri Lanka to increase its exports and attract foreign investment.

The country has also signed several bilateral and multilateral trade agreements with other countries. These agreements have helped Sri Lanka to increase its access to international markets. The most significant trade agreements that Sri Lanka has signed are the India-Sri Lanka Free Trade Agreement (ISFTA) and the Pakistan-Sri Lanka Free Trade Agreement (PSFTA).

The ISFTA was signed in 1998 between India and Sri Lanka. Under this agreement, both countries have agreed to reduce their tariffs on certain goods to promote trade. The agreement also aims to increase trade in services, investment, and technology transfer. The ISFTA has been successful in increasing the bilateral trade between India and Sri Lanka.

The PSFTA was signed in 2002, and it aims to promote trade between Pakistan and Sri Lanka. Under this agreement, both countries have agreed to reduce tariffs on several goods, including textiles and clothing. The PSFTA has strengthened the trade relations between Pakistan and Sri Lanka and has created new opportunities for businesses in both countries.

Sri Lanka is also a member of the South Asian Free Trade Area (SAFTA), which was signed in 2006. This agreement aims to increase trade among the South Asian countries and create a free trade area in the region. The SAFTA has helped Sri Lanka to increase its exports to other countries in the region and has created new opportunities for businesses.

In addition to these agreements, Sri Lanka has also signed trade agreements with China, Singapore, and Thailand. These agreements have helped to increase Sri Lanka`s access to the Asian markets and have created new opportunities for businesses in the country.

In conclusion, Sri Lanka`s involvement in international trade agreements has played a significant role in the country`s economic growth. These agreements have helped to increase Sri Lanka`s access to international markets, create new opportunities for businesses, and attract foreign investment. Sri Lanka`s membership in the WTO and the signing of bilateral and multilateral trade agreements have helped to promote free trade and increase economic prosperity.