Sri Lanka and Thailand have signed a Free Trade Agreement (FTA), a move that Sri Lanka hopes can help mitigate its worst financial crisis in decades. A statement from the Sri Lankan media department reads: “This move aims to enhance market opportunities, with negotiations covering various aspects such as Trade in Goods, Investment, Customs Procedure, and Intellectual Property Rights.”

Sri Lanka has been putting more emphasis on trade agreements to promote economic growth and support its devastated economy. Last year, the World Bank estimates shrank by 3.8 percent as a result of a severe foreign currency crisis that also threw it into a larger financial crisis.

Srettha Thavisin, the prime minister of Thailand, led a group that travelled to Colombo to sign the free trade agreement and other documents. Srettha also attended Sri Lanka’s 76^th Independence Day activities. 

“Both parties will benefit greatly from these economic prospects. We urge the business sector to investigate the possibilities of mutual trade and investment,” said Srettha in a media briefing.

- Excel V. Dyquiangco