Thailand, Sri Lanka to step up efforts for FTA

[snoop1130]

Thailand, Sri Lanka to step up efforts for FTA

By The Nation

 

 

Thailand and Sri Lanka on Friday agreed to push talks towards a Free Trade Agreement which, if successful, can increase bilateral trade value to US$1.5 billion (Bt 4.99 billion) by 2020.

 

Annual trade value in 2017 was $512.74 million (Bt 1.71 billion).

 

Thailand’s main exports to Sri Lanka include dried fish, woven cloth, sugar, automobile parts and para rubber. Thailand imports jewellery, silver bars, gold, plant products, ready-to-wear clothes, aquatic animals and electrical parts.

 

The FTA dialogue started last year but the memorandum of understanding on Strategic Economic Partnership signed on Friday between the two countries is expected to add momentum to the efforts.

 

The MoU was among four papers signed by the two countries during Prime Minister General Prayut Chan-o-cha’s meeting with Sri Lankan President Maithripala Sirisena, who invited the Thai premier to the South Asian country, in Colombo on Thursday.

 

They also discussed possible maritime connectivity between Colombo and the Thai province of Rayong, connecting the Andaman Sea in the Indian Ocean under the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation transportation master plan.

 

Other agreements signed on Friday covered the transfer of offenders and cooperation in the enforcement of penal sentences, technological collaboration related to value addition of primary products and cooperation on sustainable community development model.

 

As Buddhism is prominent in both Thailand and Sri Lanka, both leaders also agreed to promote religious tourism as well as cultural cooperation.

 

Source: http://www.nationmultimedia.com/detail/politics/30350036

 

-- © Copyright The Nation 2018-7-13

[KiwiKiwi]

Sad to see what Thailand is reduced to. FTA with Sri Lanka to be closely followed by Zimbabwe the Seychelles and Namibia.

 

Progress .of a sort I suppose. Depends on your definition of 'progress'. It does rather seem that Mr Prayuth is lowering his sights though. Bit of a come-down after strutting the world stage...

[bluesofa]

I would have thought the Thai PM could at least have worn traditional costume, same as the Sri Lankan President did.

 

[Srikcir]

Sir Lanka imports basic necessities and Thailand imports basically junk commonly available from its ASEAN trade partners. Given a huge economic disparities between Thailand and Sri Lanka,

https://countryeconomy.com/countries/compare/thailand/sri-lanka

... what's the point of a free trade agreement?

Seems just a lot of political PR to show that Prayut is "doing important stuff" as PM - a prelude to the next elections?

[bluesofa]

13 minutes ago, Srikcir said:

Sir Lanka imports basic necessities and Thailand imports basically junk commonly available from its ASEAN trade partners. Given a huge economic disparities between Thailand and Sri Lanka,

https://countryeconomy.com/countries/compare/thailand/sri-lanka

... what's the point of a free trade agreement?

Seems just a lot of political PR to show that Prayut is "doing important stuff" as PM - a prelude to the next elections?

Tsk, you're not supposed to think for yourself and analyse it. That's what we have a government for - to believe in. They do all the analising,