Singapore and Sri Lanka signed a free trade agreement (FTA) on Tuesday in Colombo despite strong objections from professional groups in Sri Lanka.
The pact is expected to increase trade and economic services between the two countries. Professionals in Sri Lanka had objected to the deal saying the legal framework was not in place in Sri Lanka for such trade pacts while Singapore, on the other hand, had a proper legal framework in place.
Singapore Prime Minister Lee Hsien Loong, who arrived in the island on Monday on an official visit, and Sri Lankan President Maithripala Sirisena witnessed the event in Colombo.
It was signed by Minister for Development Strategies and International Trade Malik Samarawickrama and Singapore’s Minister for Trade and Industry (Industry) S. Iswaran.
Courtesy of www.sundaytimes.lk