Saturday, 17 February 2018 08:30

Sri Lanka-Malaysia discuss the feasibility of free trade agreement

Sri Lanka-Malaysia free trade agreement is now in the feasibility stage and discussions between the two countries are progressing, officials said.


Discussions on the proposed free trade agreement have focused on feasibilities on the benefits and costs of entering into trade relations,they added. .

The current review is taking place at industry levels, which will devolve into product level during the formal FTA negotiations.

“Some products and industries have protection, so determinations are ongoing,” they said. adding that that the entire negotiation process could take between 2-5 years, it was currently progressing “smoothly”.

Sri Lanka’s exports to Malaysia amounted to around US$ 36 million in 2016, falling from US$ 37 million in 2015. Malaysia in turn is Sri Lanka’s sixth largest supplier, selling US$ 638 million worth of products to Sri Lanka in 2016, up from US$ 508 million in 2015.

(LI NEWS)

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