Debt-stricken Sri Lanka hasactually signed a trade pact with Thailand in a quote to increase trade and financialinvestment as the Indian ocean island country is havingahardtime to recuperate from its worst financial crisis that hit 2 year ago
ByBHARATHA MALLAWARACHI Associated Press
February 3, 2024, 10: 35 AM
In this Handout picture launched by the Sri Lanka President’s Office HO, Sri Lankan President Ranil Wickremesinghe, 2nd best, presents for a picture with Thai Prime Minister Srettha Thavisin at the governmental secretariat in Colombo, Sri Lanka, Saturday, Feb. 3,2024 (Sri Lanka President’s Office HO through AP)
The Associated Press
COLOMBO, Sri Lanka — Debt-stricken Sri Lanka signed a trade pact with Thailand on Saturday in a quote to increase trade and financialinvestment as the Indian ocean island country is havingahardtime to recuperate from its worst financial crisis that hit 2 year back.
The Sri Lanka Thailand Free Trade Agreement covering trade in products, financialinvestment, customized treatments and intellectual home rights was signed in the capital Colombo in the existence of Sri Lanka President Ranil Wickremesinghe and Thai Prime Minister Srettha Thavisin.
Sri Lanka started talks with Thailand on a complimentary trade arrangement in2016
The nations’ two-way trade was worth about $352 million in 2022, with Thailand’s exports at $292 million and Sri Lanka’s exports at $58 million, according to Sri Lankan federalgovernment’s information.
Sri Lanka exports consistof generally valuable stones, garments, tea and spices while exports from Thailand consistof smoked rubber sheets, natural rubber, plastic and cement. Sri Lanka’s federalgovernment anticipates the trade pact would increase two-way trade up to $1.5 billion.
Thavisin stated that the nations concurred to promote financialinvestment in locations such as fisheries, food processing, tourist and green energy. Thailan