US tariff hikes impetus for SL to strike FTA
View(s):The recent tariff imposed by the US is an impetus for Sri Lanka to start negotiating free trade agreements (FTA) with the African region for several sectors, industry experts say.
“The government should treat this as an opportunity. We should at least sign a memorandum of understanding for trade agreements,” Sanjeeva Wickramanayake, Chairman of EWIS Limited, told The Sunday Times Business. The easiest nations to sign such agreements with are the Commonwealth countries, as they have the same language, English, and the same types of laws, he added.
He also suggested setting up a special task force to explore the FDA in the African region. “The government should get industry specialists for different sectors to recognise and get some specialist ideas in this regard.” Home to 1.2 billion people, Africa is spread over 54 independent countries and accounts for around 5 per cent of both global GDP and worldwide trade as of 2018 data. Sri Lanka has a strong diplomatic presence in the region, covering 45 of the 54 countries. Mr. Wickramanayake noted that trade agreements between African countries in other key markets, and the African Continental Free Trade Agreement could increase access to new markets for Sri Lanka and create more opportunities for potential Sri Lankan investors.
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