Wednesday Nov 26, 2025
Wednesday Nov 26, 2025
Wednesday, 26 November 2025 00:21 - - {{hitsCtrl.values.hits}}
Sri Lanka has taken a significant step toward joining the world’s largest free trade agreement, with the Cabinet of Ministers on Monday approving a proposal to proceed with the next stage of accession to the Regional Comprehensive Economic Partnership (RCEP).
The approval allows Sri Lanka to participate formally in the accession process and complete a detailed initial questionnaire required by existing RCEP members.
RCEP, which came into force on 1 January 2022, is a comprehensive free trade agreement comprising the 10 ASEAN member states and five of their existing FTA partners—Australia, China, Japan, South Korea and New Zealand. The bloc covers nearly a third of global GDP and is considered the largest trading arrangement in the world. The agreement was opened for accession by new members 18 months after its entry into force, in July 2023.
Sri Lanka submitted its letter of intent to join RCEP on 28 June 2023, signalling its ambition to deepen regional economic integration. Officials say membership would help diversify export markets, enhance competitiveness and strengthen the country’s position in regional and global supply chains. Under RCEP commitments, member States are required to eliminate 85–90% of tariffs over time, creating a more open and predictable trade environment across the region.
On 24 October 2025, Sri Lanka received an initial questionnaire issued by several RCEP members, seeking detailed information to assess whether prospective applicants are able to comply with the agreement’s rules and whether they are prepared to offer commercially meaningful market access in line with RCEP objectives.
“The questionnaire must be completed and submitted by 25 January 2026,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the weekly post-Cabinet meeting media briefing yesterday.
He also said the Government is vetting and assessing some of key trade agreements that were stopped midway amid various challenges.
“The Government views the move as a crucial step in securing long-term trade opportunities and embedding Sri Lanka more firmly within dynamic Asian supply networks. Further evaluations and negotiations with RCEP parties will follow after the questionnaire is reviewed,” he added.
The proposal to this effect was submitted by Trade, Commercial, Food Protection, and Cooperative Development Minister Wasantha Samarasnghe to pave the way for Sri Lanka to finalise this submission.
(CDS)
