Sri Lanka will join RCEP on completion of debt restructuring, FTA with ASEAN countries

Colombo (IANS). Sri Lanka’s President’s Media Division (PMD) announced on Thursday that Sri Lanka will join the Regional Comprehensive Economic Partnership Agreement (RCEP) and free trade with the member countries of the Association of Southeast Asian Nations (ASEAN) after the completion of debt restructuring. Agreement (FTA) will be signed.

President Ranil Wickremesinghe, who attended ASEAN Day events in Colombo, expressed his support for the bloc’s vision for the Indo-Pacific region, the PMD said in a statement, Xinhua news agency reported.

Wickremesinghe said Sri Lanka would work closely with ASEAN countries in the coming years.

Sri Lanka has an FTA with Singapore and is in discussion to sign an FTA with Thailand next year, the President said.

Sri Lanka is looking to become the first South Asian country to join RCEP, the largest trade bloc in history, after the completion of debt restructuring.

“We should join RCEP. There is no reason not to join it,” he said.

He said Sri Lanka also plans to sign trade agreements with India and Bangladesh.