President appoints experts’ committee to study FTA with Singapore

President Maithripala Sirisena has appointed an independent committee of prominent economists to carefully study and compile a report on the Singapore - Sri Lanka Free Trade Agreement. 

The President’s Media Division said that the committee was appointed by the President after considering the diverse views being expressed by various parties regarding the agreement. 

The committee is chaired by former Vice-Chancellor of Colombo University, Deshamanya Professor W.D. Lakshman. 

Former Professor of Economics at the Open University Prof. Sirimevan Colombage, former Professor of Economics of the University of Kelaniya Prof. Ajitha Tennakoon, economic consultant Dr. Sanath Jayanetti and former Assistant Governor of Central Bank R.A. Jayatissa have been appointed as members of the committee. 

Singapore and Sri Lanka signed a free trade agreement on January 23 seeking to deepen economic ties and facilitates greater trade flows between the two countries.

Sri Lanka-Singapore Free Trade Agreement (SLSFTA) was signed by Singapore’s Minister for Trade and Industry S Iswaran and Sri Lanka’s Minister for Development Strategies and International Trade Malik Samarawickrama. 

Prime Minister Lee Hsien Loong and Sri Lankan President Maithripala Sirisena witnessed the signing in Colombo.

The agreement will see Singapore companies enjoying potential tariff savings of up to S$10 million each year, among other benefits. Sri Lanka will over 15 years, eliminate tariffs on 80 per cent of Singapore’s exports.

Opposition political parties and professionals trade unions in Sri Lanka particularly the GMOA have criticized the agreement and called on the Government to do away with the current agreement and draft a new FTA which would not damage local markets and industries.

They claim that the local industries will face serious consequences as a result of the FTA. 

This agreement was approved by the Cabinet on January 16, 2018 after receiving the Attorney General’s opinion and it was signed within a week on January 23.