Sri Lanka’s bid to join the Regional Comprehensive Economic Partnership (RCEP) is contingent upon the establishment of a new member admission mechanism, as per senior economic advisor to President Ranil Wickremesinghe.

Sri Lanka has formally expressed its intent to join RCEP and engaged with member state representatives in Jakarta, stated senior economic advisor HHR Samaratunga at a forum hosted by the Pathfinder Institute, a Colombo-based think tank.

Samaratunga informed that discussions revealed an ongoing internal procedure being formulated for new member admissions even as he noted Sri Lanka’s potential to become the first non-founding member to join once this process is finalised.

The appeal of RCEP lies in its potential to enable Sri Lankan exporters to access inputs from multiple member countries, enhancing flexibility compared to traditional bilateral trade agreements.

Concurrently, Sri Lanka is pursuing other trade agreements, including a free trade pact with Thailand and preferential deals with Bangladesh and Indonesia.

These efforts underscore Sri Lanka’s commitment to fostering regional economic integration and diversifying its trade relations for sustained growth and development.

Fibre2Fashion News Desk (DR)

Sri Lanka awaiting RCEP entry process, says presidential advisor

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