Sri Lanka is a country that has been gaining a lot of attention in recent years for its trade agreements. The country has been actively pursuing free trade agreements with other nations, with the aim of boosting its economy and improving the livelihoods of its citizens.
Sri Lanka currently has free trade agreements with India, Pakistan, and Singapore. These agreements have opened up new opportunities for Sri Lankan businesses to trade with these countries, and have helped to increase the country`s exports.
The most recent trade agreement that Sri Lanka has signed is the Sri Lanka-Singapore Free Trade Agreement (FTA), which was signed in 2018. The FTA aims to increase trade between the two countries by reducing trade barriers and facilitating the movement of goods and services between the two countries.
In addition to its free trade agreements, Sri Lanka is also a member of several regional trade agreements, including the South Asian Free Trade Area (SAFTA) and the Asia-Pacific Economic Cooperation (APEC). These agreements have helped to increase trade between Sri Lanka and its neighboring countries, and have opened up new markets for Sri Lankan businesses.
Despite these trade agreements, Sri Lanka still faces challenges in its trade relations with other countries. One of the biggest challenges is its trade deficit, which has been growing in recent years. To address this, Sri Lanka is working to diversify its exports and attract more foreign investment.
Another challenge is the country`s infrastructure, which has been identified as a bottleneck to trade. Sri Lanka is working to improve its ports, airports, and roads, which will help to facilitate trade with other countries.
Overall, Sri Lanka`s trade agreements are an important part of the country`s efforts to improve its economy and increase its exports. While there are challenges to overcome, the country is taking steps to address these challenges and create a more favorable environment for trade.