Sri Lanka’s Cabinet of Ministers at its weekly meeting Tuesday has approved a proposal to sign the proposed Free Trade Agreement between Sri Lanka and Singapore.
According to a cabinet statement, experts of both countries have discussed the provisions of the Free Trade Agreement between Sri Lanka and Singapore and come to an agreement.
The proposed Free Trade Agreement contains provisions in the fields of trade in goods and services, service liberalization, investment, public procurement, competition etc.
Steps have been taken to include appropriate amendments taking into account the observations made by several ministers regarding the draft treaty.
The introduction of these amendments will create a favorable environment for investment and therefore, the foreign direct investment Sri Lanka will receive from Singapore will increase, the statement said.
Accordingly, the proposal made by Minister of Development and International Trade Malik Samarawickrema to enter into a Free Trade Agreement between the Government of Sri Lanka and Singapore subject to clearance of the Attorney General was approved by the Cabinet.
Meanwhile, Singapore Prime Minister Lee Hsien Loong is expected to arrive in the island on an official visit on the 22nd January.