Colombo, Jan 23 (newsin.asia) – Sri Lanka and Singapore, on Tuesday signed a Free Trade Agreement (FTA) aimed at boosting trade and investment between the two countries.
The signing of the FTA took place following bilateral discussions held between visiting Prime Minister of Singapore Lee Hsien Loong and President Maithripala Sirisena at the Presidential Secretariat.
The Singapore Prime Minister arrived in Sri Lanka on a three day official visit on Monday on an invitation extended by the President.
“The Free Trade Agreement will boost the trade between the two countries as this would facilitate duty free access to selected goods and services of each other,” the President’s Office said in a statement.
Some of the areas set to benefit from the FTA include include information and communications technology, real estate, hospitality and tourism, as well as energy and logistics.
Sri Lanka’s Minister for Development Strategies and International Trade, Malik Samarawickrama and S. Iswaran, Minister for Trade and Industry of the Republic of Singapore signed the FTA on behalf of the respective governments, in the presence of President Sirisena, Prime Minister Lee Hsien Loong and Prime Minister Ranil Wickremesinghe.
A 35-member business delegation is accompanying the Singaporean Prime Minister to Colombo. During his stay, the Prime Minister is expected to attend a business forum where leading investors and businesspersons from Sri Lanka and Singapore will take part.