Sri Lanka and Singapore ink deals on trade, urban development, tech education
ECONOMYNEXT – Sri Lanka and Singapore has signed agreements to take forward, trade, urban development, cultural, civil service training, technical and vocation education links between the two countries.
Sri Lanka’s Prime Minister Ranil Wickremesinghe met his counterpart Lee Hsien Loong
Sri Lanka’s Development Strategies and International Trade Minister Malik Samarawickrema and Singapore’s Industries Minister S Eswaran had inked a memorandum of understanding to have a fre trade agreement.
Since Singapore is a country with a strong knowledge of economics, its prosperity is based on free trade and competitive free enterprises that does not exploit domestic consumers with import duties, economic analysts say.
As a result ‘free trade’ deals with Singapore are not tightly written and poor Sri Lankan consumers have no assurance that they can be protected from predatory protectionist Sri Lankan industrialists, as they can always lobby to put import duties up and earn unjust profit later.
Deals with countries like the US however are more water tight and can make big business face competition.
The two countries also inked deals on urban development, with Sri Lanka’s Megapolis Ministry.
Other agreements related to culture, civil service development, technical and vocational training.