Thailand and Sri Lanka have recently signed a Free Trade Agreement (FTA) with the aim of boosting bilateral trade and promoting economic growth for both nations. The agreement covers various aspects, including trade in goods, investment, customs procedures, and intellectual property rights. This FTA opens up significant business opportunities for companies from both countries.
Thai exports, particularly in automotive parts, textiles, electrical appliances, machinery, steel products, paper, processed food, and animal feed, are expected to benefit from this agreement. The FTA also facilitates liberalized air services between Thailand and Sri Lanka.
The signing of this FTA marks the second agreement of its kind between Thailand and Sri Lanka. Thailand’s Prime Minister Srettha, who was present at the signing, expressed his optimism about the agreement. In a Facebook post, he mentioned that the FTA will allow Thailand to expand its trade to other markets in South Asia. Similarly, it offers Sri Lanka the opportunity to utilize Thailand as a base for enhancing trade with other ASEAN countries.
Additionally, the FTA provides Thai companies that are already operating in Sri Lanka with opportunities to make use of the country’s infrastructure and tax benefits to expand their trade to other nations. The agreement also promotes air travel services and the possibility of visa-free travel between the two countries, further enhancing trade relations.
Thailand and Sri Lanka have further agreed to collaborate on clean energy, maritime security, and the development of the fishing industry in Sri Lanka. Furthermore, Thai Airways International will be launching its first flight between Bangkok and Colombo on March 31st, strengthening the ties between the two nations.
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