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Sri Lanka to possibly sign free trade agreement with Thailand by March 2024

Speaking to Reuters, an official stated that Sri Lanka and Thailand could potentially sign a free trade agreement (FTA) by March 2024. 

Negotiations between Thailand and Sri Lanka resumed in January. 

K.J. Weerasinghe, Sri Lanka's chief FTA negotiator, stated, "there will be several more rounds of talks, but I am confident we can conclude the agreement for signature by March 2024."

According to Sri Lanka's central bank data, trade between Thailand in 2021 was about $460 million. Sri Lankan exports to Thailand primarily consist of tea and precious stones. Imports from Thailand include food, plastics, rubber, electronic equipment, and pharmaceuticals. 

After the central bank cut rates last week, President Ranil Wickremesinghe stated that Sri Lanka would focus on foreign investments, exports, and job creation as a plan for economic recovery. 

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