Sri Lanka Sets Sights on RCEP Membership

Sri Lanka plans to join the Regional Comprehensive Economic Partnership (RCEP) after the Cabinet approved submitting an initial questionnaire. The RCEP, an extensive free trade agreement, includes ASEAN members and dialogue partners. This move aims to enhance Sri Lanka's export diversification and integration within global supply chains.

Sri Lanka is poised to become a member of the Regional Comprehensive Economic Partnership (RCEP) as the Cabinet has greenlit the submission of an initial questionnaire required for accession, a senior official revealed.

The RCEP, a sweeping free trade agreement encompassing 10 ASEAN members along with China, Japan, South Korea, Australia, and New Zealand, holds significance for global trade dynamics. Government spokesman and minister, Nalinda Jayathissa, confirmed the completion of preparatory steps by Colombo.

Spanning 30% of global GDP and world population, RCEP's inclusion goals encompass tariff reductions and robust supply chain integrations. Following a prior letter of intent in June, Sri Lanka targets strategic export diversification and enhanced market presence.

(With inputs from agencies.)