3 International Trade Centre. (2018). Bilateral trade between Sri Lanka and Singapore in 2016. At: www.trademap.org/Bilateral.aspx?nvpm=1|144||702||TOTAL|||2||11|1||1||11||111|1.1.20122.de Sri Lankan companies have the opportunity to take advantage of this agreement by taking advantage of the synergies it must bring between trade, investment and services. It should be noted that following the signing of the agreement, many delegations travelled to Singapore to explore potential investment opportunities. Pl. visit India`s website for ISFTA tariff concessions and other India customs information: www.indiantradeportal.in/index.jsp 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. This trade mandate is part of the House`s Trade Intelligence for the Private Sector (TIPS) initiative, where we provide our members with a new insight into global and domestic trade policy issues.
The content of this trade letter was developed on the basis of an interview conducted by the EIU with the chief negotiator of the Singapore-Sri Lanka Free Trade Agreement (SSLFTA) and on the results of the seminar on SSLFTA organized by the Ceylon Chamber of Commerce. Given the impact of the content of this agreement on our members and the potential that the government offers to promote domestic trade, this chamber has decided to set out its positions on the essential features of the agreement. MTI said Sri Lanka was Singapore`s 36th largest trading partner in 2017 and bilateral trade was $2.7 billion. Singapore`s exports to Sri Lanka totaled $2.5 billion, while Singapore`s imports from Sri Lanka totaled $178 million. « It`s going to liberalize trade and services, it`s going to improve investment in Sri Lanka, and it`s going to bring a shot into the arms of production and service, » he said. The ministry said the agreement also contained one of the most liberal rules of origin, which would allow more exports from Singapore to qualify for the lower negotiated tariffs. 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 agreement is Sri Lanka`s first « modern and comprehensive » free trade agreement and, according to MTI, « it will position Singapore as an early and supportive partner in Sri Lanka`s economic liberalization plans and development. » The Chamber considers that the agreement supports the improvement of Sri Lanka`s trade initiatives and the deepening of its current relations with the economies of the Association of Southeast Asian Nations (ASEAN). ASEAN is a trading region increasingly linked to global production networks, in which Sri Lanka could integrate to diversify its export basket and attract foreign direct investment.