Sri Lanka, The Minister of Commerce signed the Thailand-Sri Lanka FTA, marking the 15th FTA of Thailand, revealing that the two sides opened an equal trade market for more than 85% of the total number of goods. Allow Thailand to hold up to 100% of shares in service branches in 50 sub-branches. Allow Thai investors to hold 100% of shares in 35 branches. Accelerate the process of conducting public hearings before submitting to the council for approval. Push to take advantage of the FTA to create an advantage for the Thai private sector in the Sri Lankan market. Expected to come into effect within 2024. Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce, revealed that during the Prime Minister's official visit to the Democratic Socialist Republic of Sri Lanka. He and Mr. Kajjakthuke Nalin Ruwanjiva Fernando, Minister of Trade, Commerce and Food Security of Sri Lanka, jointly signed the Free Trade Agreement (FTA) Thailand - Sri Lanka on the 3rd. February 2024 at the Secretariat of the Pres ident of Sri Lanka, Colombo, witnessed by the Prime Minister and President of Sri Lanka. After Thailand concluded the Thai-Sri Lanka FTA negotiations in December 2023, the agreement was Thailand's 15th FTA and the first under the government of Prime Minister Settha Thavisin, making Thailand currently have a total of FTAs. 15 issues with 19 countries. It is expected that the Thailand-Sri Lanka FTA will come into force by 2024. 'I have assigned the Department of International Trade Negotiations. Accelerate the holding of public hearing seminars to provide information on opening the market for trade in goods, services, and investment under the Thailand-Sri Lanka FTA to all sectors. In particular, the Thai private sector is prepared to take advantage as soon as this agreement comes into effect,' Mr. Phumtham said. However, after this, the Ministry of Commerce will hasten to organize a public hearing seminar on the Thai-Sri Lanka FTA to gather opinions from all sectors before presenting it to Parliament for furt her approval. We therefore invite Thai entrepreneurs to prepare to take advantage of the Thailand - Sri Lanka FTA to expand trade and investment opportunities in Thailand. The Thailand - Sri Lanka FTA has opened the trade market for more than 85 percent of the total number of products. It is an equal level of market opening for both sides. And there is a period of 16 years for the reduction of duty exemption from the date the agreement comes into effect. The duties in Sri Lanka will be immediately exempted, equivalent to 50 percent of the total number of products, or more than 4,000 items, such as automobiles and parts, fertilizers, artificial leather, chemicals, pulp and kraft paper. Electrical appliances, sardines, canned salmon, animal feed, chilled shrimp, live buffalo and silverware For the service sector Sri Lanka allows Thailand to own up to 100 percent of its shares in 50 sub-sectors such as hotels and restaurants. Sea transportation service Insurance broker and agent services Telecommunications Fran chise Services environmental services, advertising services and management consulting services Investment sector Sri Lanka allows Thai investors to invest with 100 percent ownership in 35 sectors such as food processing (fruits, vegetables, nuts, potatoes), textile manufacturing. (except for hand weaving) manufacture of automobiles and automotive parts electronic equipment manufacturing Production of drugs and medical supplies Production of medical and dental tools and equipment In 2023, trade between Thailand and Sri Lanka was worth US$415.30 million. Thailand exports to Sri Lanka worth 291.17 million US dollars. and imported from Sri Lanka worth 124.13 million US dollars. Important Thai export products include gems and jewelry. Refined oil, rubber, cloth, rubber and chemicals. Important imported products from Sri Lanka include jewellery, gems, silver bars and gold. Ready-made clothes Electrical machinery and components plants and plant products, and coffee, tea, spices. Although Sri Lanka is a small countr y, It has a population of only 22 million people but has a unique location. which is a strategic point of world shipping transportation Connecting Southeast Asia with the Middle East, Africa, and Europe regions, as well as being a country with abundant natural resources such as gemstones, graphite ores, and marine animals, etc., and although in the past period Sri Lanka will face an economic crisis. But it has begun to recover and has continued to develop. Source: Thai News Agency