FTAs with China, Japan in the offing

Thursday, 11 July 2013 02:55 -     - {{hitsCtrl.values.hits}}

The Government yesterday revealed that Sri Lanka was focused on establishing Free Trade Agreements (FTAs) with China and Japan as part of measures to bolster exports and investments. “I am sure in the near future Sri Lanka will have a Free Trade Arrangement with China and Japan, the world’s second and third largest economies, in addition to further expansion in Free Trade Arrangements with India and Pakistan,” revealed Finance Secretary Dr. P.B. Jayasundera during his keynote at the first session of the Ceylon Chamber of Commerce 2013 Economic Summit yesterday. He said the country’s trade account shows potential growth opportunities in both import substitution and exports. “In addition to consolidating in Western markets as a high quality exporter, the Government is looking for new markets for exports in the large economies in Asia namely, India, China and Japan where rebalancing trade certainly relevant. The recent trade talks have centred on large trade deficits with these countries and have made good progress to secure unrestricted market access to country’s main export products such as high value garments, tea, rubber products, etc. to these countries,” Jayasundera said. “Similarly, the changing comparative advantage in favour of Sri Lanka in renewable energy products, food, pharmaceutical, light engineering products, etc., have opened new areas of investments for exports from Sri Lanka. It is encouraging that the country already has graduated to export solar panel to Japan. The export-oriented growth emphasis will also be supportive to create a progressive growth in Government revenue on a sustainable basis,” the Finance Secretary added.