
Discussions aim to boost trade, investment, and tourism as bilateral ties deepen.
Thailand is expediting the implementation of the Thailand-Sri Lanka Free Trade Agreement (FTA) following discussions between Deputy Minister of Commerce Suchat Chomklin and representatives from the Ceylon Chamber of Commerce in Colombo.
Signed on February 3, 2024, the FTA seeks to enhance trade, investment, and tourism while reinforcing the long-standing economic relations between the two nations.
During the meeting, Deputy Minister Suchat emphasized Thailand's proactive approach to FTAs as a strategy to diversify export markets and attract global investment.
Sri Lankan business leaders expressed optimism that the agreement would lower trade barriers, particularly benefiting key Sri Lankan exports such as tea, desiccated coconut, spices, and minerals through tariff exemptions.
Moreover, Sri Lanka is looking to Thailand for expertise in agriculture, finance, and small and medium-sized enterprise (SME) development.
The agreement is also anticipated to promote bilateral tourism and cultural exchange initiatives.
In 2024, Sri Lanka, Thailand's fourth-largest trading partner in South Asia, reported a total trade value of $438.7 million, with Thai exports accounting for $313.7 million.
These exports included rubber, gemstones, textiles, plastic resins, and chemicals, while imports from Sri Lanka, valued at $124.99 million, mainly comprised precious stones, gold, garments, electrical machinery, and chemicals.
Thailand currently maintains a trade surplus of $188.72 million with Sri Lanka.
To support Thai businesses in international expansion, the government has introduced low-interest loans through the Export-Import Bank of Thailand and SME D Bank.
The discussions also addressed Sri Lanka's interest in financial and banking support to bolster international trade.
Deputy Minister Suchat encouraged the private sector in Sri Lanka to collaborate with their government to expedite the FTA's enforcement for mutual economic benefit.
Signed on February 3, 2024, the FTA seeks to enhance trade, investment, and tourism while reinforcing the long-standing economic relations between the two nations.
During the meeting, Deputy Minister Suchat emphasized Thailand's proactive approach to FTAs as a strategy to diversify export markets and attract global investment.
Sri Lankan business leaders expressed optimism that the agreement would lower trade barriers, particularly benefiting key Sri Lankan exports such as tea, desiccated coconut, spices, and minerals through tariff exemptions.
Moreover, Sri Lanka is looking to Thailand for expertise in agriculture, finance, and small and medium-sized enterprise (SME) development.
The agreement is also anticipated to promote bilateral tourism and cultural exchange initiatives.
In 2024, Sri Lanka, Thailand's fourth-largest trading partner in South Asia, reported a total trade value of $438.7 million, with Thai exports accounting for $313.7 million.
These exports included rubber, gemstones, textiles, plastic resins, and chemicals, while imports from Sri Lanka, valued at $124.99 million, mainly comprised precious stones, gold, garments, electrical machinery, and chemicals.
Thailand currently maintains a trade surplus of $188.72 million with Sri Lanka.
To support Thai businesses in international expansion, the government has introduced low-interest loans through the Export-Import Bank of Thailand and SME D Bank.
The discussions also addressed Sri Lanka's interest in financial and banking support to bolster international trade.
Deputy Minister Suchat encouraged the private sector in Sri Lanka to collaborate with their government to expedite the FTA's enforcement for mutual economic benefit.