Cabinet approval has been granted to commence relevant negotiations for a Free Trade Agreement (FTA) between Sri Lanka and Malaysia.
According to the government, it has been recognized that the attraction of export-oriented foreign direct investments, diversification of exports and expansion of market access for goods and services is important to regain the economic stability of Sri Lanka.
Therefore, it is necessary for Sri Lanka to develop economic integration with countries that have strong and strategic economies, such as Malaysia.
Sri Lanka’s 34th export destination, Malaysia, is a key member of ASEAN and the Regional Comprehensive Economic Partnership. In the year 2023, the total value of exports to Malaysia was US$ 58.3 Million.
Considering the importance of reaching a free trade agreement between Sri Lanka and Malaysia, the Cabinet has approved the proposal presented by the President to begin relevant negotiations. (Newswire)
