Govt expects to sign FTA with China

The government is ‘very keen’-and moving ahead on the Free Trade Agreement (FTA) with China, assured a senior Lankan minister in Colombo today.

Minister of Industry and Commerce Rishad Bathiudeen said the government is very keen on the FTA and continuing its work on it with no change.

"As a joint initiative, the International Trade Ministry of Sri Lanka,and Industry and Commerce Ministry is closely working with Chinese representatives to make the FTA a reality. A high ranking official will be visiting China possibly as early as next week” said Minister Bathiudeen.

He was addressing the visiting six member official Government Delegation of Yunnan Province PR China to Sri Lanka, Maldives and Singapore.  The delegation is led by Chinese top official Gao Shuxun (Senior Advisor to People’s Government of Yunnan Province), who was a former Vice-Governor of Yunnan. Yunnan borders Vietnam, Laos, Burma-and through Vietnam, has steady trade with ASEAN bloc.

Senior Advisor Shuxun handed over the official invitation extended by Yunnan Governor Chen Hao for the 24th Kunming Fair in June to Minister Bathiudeen.

"Sri Lanka-Yunnan need to join together to exploit the growing demand for maritime, fishery and seafood cooperation in such inland Provinces as Sichuan and Quinghai. Sri Lanka should export more and more seafood to Yunnan’s importing companies using the convenient air-links with Kunming, which we shall greatly welcome-there is huge potential in this that Sri Lanka is not working on! The South Western Chinese market is huge and tremendous potential exists for Lankan products. The annual Kunming fair opens these doors to Sri Lankan businesses and we want to see you there.” Gao Shuxun said.

According to the Department of Commerce, Sri Lanka’s overall trade with China in 2015 was at $4 Bn, increasing by 12% from 2014. Sri Lanka’s exports to China YoY increased by 69% in 2015, and imports rose by 9%.