Sri Lanka and China have mutually recognized the need to resume stalled negotiations for the proposed Free Trade Agreement (FTA) between the two countries.
“Both agreed the export basket to China need to be reviewed in order to increase the trade volume and the need to resume negotiations on the stalled talks on the Sri Lanka –China FTA,” the Ministry of Foreign Affairs stated.
A high-level Chinese delegation composed of a key Political Bureau Member of the Communist Party and Diplomat Yang Jiechi along with the Chairman of China’s International Development Cooperation Agency Wang Xiatao and Chinese Foreign Ministry official Cheng Song arrive in Sri Lanka over the weekend.
The delegation met and held discussions with President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa
The FTA talks between two countries came into a grinding halt in 2017 amidst diagreements over the zero-tariff product list and the time frame of implmention.
Sri Lankan government requested the Chinese leaders to facilitate market access to some of Sri Lanka’s unique commodities that could find demand in the Chinese domestic market towards increasing the trade turnover and improving the trade balance which is in favour of China.
The first ever visit by Chinese leaders, during the Covid-19 pandemic to Colombo was organized under strict compliance of the health protocol – an air-bubble concept, of the Ministry of Health.
More Stories
China silent on Sri Lanka’s request for debt waiver
Sri Lanka’s exports to China up 33% from January to February
China’s MCC in talks for $310m mineral project in Sri Lanka