New trade agreements will make up for any Brexit losses

Negotiations on FTA with Singapore:

Sri Lanka is ‘racing ahead’ with a new trade agreement with Singapore, to be discussed by Prime Minister Ranil Wickremesinghe during a visit next week, and is also working on other trade agreements which could help make up for any losses from ‘Brexit’, Deputy Minister of Foreign Affairs Dr Harsha De Silva has said.

“Sri Lanka will try to enter into as many beneficial trade agreements in the region as possible,” he told a seminar organized by the Shippers’ Academy Colombo on Friday.

“The Prime Minister is going to Singapore next week. Negotiations on a free trade agreement with Singapore are at an advanced stage. We hope to have a trade deal with Singapore sooner than expected. We’re going to race ahead with an agreement with Singapore.”The government is also now starting negotiations with India on the ETCA. “We are confident we will have the support of some of those who were critical of it in the past.

“We have been having discussions with critics and we promised a slot in the negotiation team for professionals. That’s how far we are ready to go. We want to transparently negotiate an agreement with India.” Asked why the government was pushing for ETCA which had become controversial and posed many political risks, Dr De Silva said, It’s because I want to do what’s right by the country. I’m aware

Dr De Silva said that while critics raised questions about ETCA today, he was sure that in the long term many people will realize its benefits.

It was important for Sri Lanka to get integrated with the Indian economy and to have access to one of the world’s biggest and fastest growing market. “How can we talk of becoming a logistic hub without India,” he asked.

The government expects to have a national trade policy in place by August and the proposed International Trade Agency will also be in place, Dr De Silva said. Negotiations with China on a free trade agreement, are also going ahead. “Our game plan is to fix Sri Lanka in the global map of commerce as tightly as possible in the East and the West.”