Sri Lanka Singapore FTA in operation as signed: Minister

ECONOMYNEXT – A free trade deal between Sri Lanka and Singapore is in operation and there are no ongoing talks on changing the deal, Economic Reforms Minister Harsha de Silva said.

The deal gives economic freedoms to poorer Sri Lankans and stronger investor protections to investors from Singapore.

Sri Lanka has found it difficult to attract investors due to past expropriations.

Sri Lanka’s President Maithripala Sirisena appointed a committee headed by academics who presented a report with several criticisms.

"The FTA was approved by the cabinet," de Silva told foreign correspondens in Colombo. "A committee cannot change it without cabinet approval."

Legislators aligned with opposition leader Mahinda Rajapaksa criticised the deal, saying trash could be imported tax free without saying whether it was alright to import trash after paying taxes. (Colombo/May26/2019-SB)


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