Home / News/ JO action on S’pore FTA hinges on independent committee outcome

JO action on S’pore FTA hinges on independent committee outcome

Comments / {{hitsCtrl.values.hits}} Views / Thursday, 11 October 2018 00:00

The Joint Opposition (JO) on Tuesday revealed that if the independent committee appointed by the President to study the Free Trade Agreement (FTA) signed with Singapore concluded that the FTA would not yield negative effects then it would not oppose it. 

President Maithripala Sirisena appointed an independent committee on 11 August comprising five experts to study the FTA signed with Singapore chaired by Prof. W.D. Lakshman. 

Other members include Prof. Sirimevan Colombage, Prof. Ajitha Tennakoon, Consultant Sanath Jayanetti and former Central Bank Assistant Governor R.A. Jayatissa. The committee is expected to submit its report within two months. 

Addressing a press conference in Colombo, MP Bandula Gunawardane said that the items included in the Singapore FTA would be imported without any restrictions, which would further depreciate the Sri Lankan rupee. 

“The President has understood that the FTA signed with Singapore will lead Sri Lankan industries to a dead end. And the agriculture sector will also be affected by this FTA,” he stated.

He added that economic experts and professionals who met President Sirisena had highlighted the negative effects of the FTA inked with Singapore. 

“That is why the President has appointed an independent committee to study the clauses of the FTA and assess the positive and negative outcomes of it,” he added

Meanwhile, he said that both the President and Prime Minister Ranil Wickremesinghe were on foreign tours at moment while the country was facing serious challenges. 

“The prevailing crisis situation has a negative effect on agriculture as well. Farmers are in a very difficult situation due to the drought and have not been able to market their products but the Government has not taken any major decisions to curb the situation,” he asserted.

Share This Article


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Finishing the job of ending poverty in South Asia

Thursday, 18 October 2018

“I have a four-year-old son back in my village. I want to make a better life for him,” says Sharmin Akhtar, a 19-year-old employee in one of Dhaka’s many flourishing garment factories. Like thousands of other poor women, Sharmin came down to B

Depreciating rupee: Avoiding a money-go-round

Wednesday, 17 October 2018

Sri Lanka’s excessive reliance on foreign capital to finance investment under favourable external financial conditions is now leading to disruptions, as those conditions change in a decisive interest rate tightening phase in the United States. As U

Responsible water stewardship in Sri Lanka

Wednesday, 17 October 2018

Unlike many of our regional neighbours, Sri Lanka is blessed with an abundant water table. However, many companies do not feel the full value of this precious resource due to the limited regulation and monitoring of fresh water extraction for busines

Economy in disarray, banks flourishing; can this be true?

Wednesday, 17 October 2018

It is earlier reported that the growth in bank credit accelerated in August despite the tight credit and money conditions and rising non-performing loans in the banking sector. It is further reported that the year-on-year (YoY) growth in credit accel

Columnists More