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Singapore Sri Lanka Free Trade Agreement Details

14 Enterprise Singapore (2018). Singapore Free Trade Agreement. Available at: ie.enterprisesg.gov.sg/trade-from-singapore/international-agreements/free-trade-agreements/singapore-fta. To strengthen economic relations, Sri Lanka and Singapore signed a bilateral free trade agreement on 23 January 2018. Despite decades of cordial diplomatic relations between the two islands, Singapore accounted for only 1.1% of Sri Lanka`s exports and 5.3% of imports in 2016. 9, Lianne. `The Gateway to South Asia`: Singapore Businesses Set up shop in Sri Lanka. Available at: www.channelnewsasia.com/news/singapore/the-gateway-to-south-asia-singapore-businesses-set-up-shop-in-9885030#page=88. 11 Sri Lanka Ministry of Development Strategies and International Trade.

Free trade agreement between the Socialist Democratic Republic of Sri Lanka and the Republic of Singapore. Available at modsit.gov.lk/32-uncategorised/115-free-trade-agreement-between-the-democratic-socialist-republic-of-sri-lanka-and-the-republic-of-singapore.html. It is Sri Lanka`s first free trade agreement since 2005 and the most comprehensive of its few. It covers goods, services, investments, trade facilitation, intellectual property rights and public procurement. 16 Sri Lanka Ministry of Development Strategies and International Trade. Appendix 2A – Elimination of tariffs in Singapore and Sri Lanka. Available at: www.modsit.gov.lk/images/pdf/free_trade_agareement/Chapter-02-2-NT-and-Market-Access-for-Goods-annexe 2-A-Elimination of General Tariffs.pdf. The World Trade Organization`s (WTO) General Agreement on Trade in Services (GATS) sets out 04 ways to deal with a service known as “supply types” In the meantime, Sri Lanka will remove tariffs on 80% of goods over a 15-year period under the agreement, which represents a relatively long period of adaptation. The free trade agreement is likely to benefit Sri Lanka through cheaper consumer goods and inputs, foreign direct investment (FDI) and competition. But the two countries should address a number of important areas to maximize the benefits to Sri Lanka. Market access in Singapore was not a problem for Sri Lanka even before the agreement.