March, 2, 2018
Prime Minister Ranil Wickremesinghe held a meeting with Singaporean Trade and Industry Minister S. Iswaran to discuss on ways to strengthen trade and economic ties between the two countries, today.
The meeting which was held in Four Seasons hotel in Singapore, was based on the Free Trade Agreement (FTA) signed between Sri Lanka and Singapore on January 23.
The Prime Minister emphasized the importance of strengthening trade and economic ties between the two countries after signing the FTA, at the meeting.
In response, the Singaporean Minister commended Premier Wickremesinghe for the efforts taken by him to compel Singapore to come into the agreement.
Furthermore it was discussed to take adequate measure for the ease of Singaporean investors who have decided to invest in Sri Lanka due to the FTA.
Negotiations for an FTA with Singapore began in August 2016 in the wake of Prime Minister Ranil Wickremesinghe’s official visit to the country in July of that year.
In 2016 bilateral trade volume (goods) stood at USD 1.15 billion and it is hoped that the FTA would expand this further, accruing benefits to both countries.
Prime Minister Ranil Wickremesinghe left to Singapore to attend the ‘Invest Sri Lanka’ Conference, yesterday.