A Free Trade Agreement between Sri Lanka and Singapore will be signed following bilateral talks between the two nations, Tuesday.
Prime Minister of Singapore Lee Hsien Loong is to arrive in Sri Lanka on the invitation of Sri Lanka’s President Maithripala Sirisena, Monday.
Last week, Sri Lanka’s Cabinet approved a proposal to sign the proposed FTA between Sri Lanka and Singapore.
The FTA consists of provisions regarding trade in goods and services, service liberalization, investments and public procurement.
Experts of the two countries have already agreed to the provisions of the said agreement while steps have also been taken to include appropriate amendments taking into account the observations made by several ministers regarding the draft agreement.
The introduction of this FTA is expected to create a favorable environment for investment while attracting foreign direct investment from Singapore.
The Singaporean Premier will be received at the Presidential Secretariat on the morning of 23rd January with an official guard of honour and gun salute that will be followed by official bilateral discussions with President Sirisena.
During the visit, Prime Minister Lee will also meet Prime Minister Ranil Wickremesinghe and discuss economic, trade and investment cooperation between the two countries. The visiting Prime Minister is scheduled to attend a Business Forum in which leading businesspersons and investors from both Singapore and Sri Lanka will be present.