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| Sunday, 4 January 2004 |
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Sri Lanka poised to be a hub in ASEAN market Sri Lanka is poised to be a hub in the ASEAN market with the signing of the BIMST-EC FTA agreement in February 2004. This would enable both local and foreign investors in the country to access the ASEAN market at more ease, according to sources in the Commerce Department. The signing of the BIMST-EC FTA agreement will take place during the forthcoming BIMST-EC summit in Thailand. Deputy Director of the Department of Commerce Deeptha Kulathileka, said that as a result of this agreement Sri Lanka would have the opportunity to enter the Thailand market more easily with less trade restrictions and through Thailand we could access the ASEAN markets such as Indonesia, Philippines, Singapore, Burma, Laos and Vietnam etc., countries with enormous business potential. This agreement would boost Sri Lanka's value as an investment destination for foreign investors who are keen on initiating businesses mainly due to the government's strong macro economic policies, present peaceful atmosphere and the country's fruitful Free Trade Agreement with India. Minister Ravi Karunanayake has instructed Commerce Department officials to make all necessary arrangements to implement this BIMST_EC agreement that would be signed with countries such as India , Bangledesh, etc. He has also instructed the officials to expedite the rest of the proposed FTAs and Economic partnership agreements which are vital to keep the country abreast with the rest of the world. Among the proposed FTA agreements, the one with the United States of America ranks as the most significant while those with Pakistan, Egypt, Australia, Iran, Brazil and the rest are also reckoned as highly important. At present, Sr Lanka is focusing on establishing over 30 Free trade Agreements with various other countries. Meanwhile, the economists predict that the country has reached a substantial economic growth during the last two years. However if the present political crisis, the peace process and the implementation of the strong economic policies are not resolved, this economic growth would take a downturn at the same speed it ascended. |
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