Vietnam, Sri Lanka to Shortly Sign FTA

Vietnam and Sri Lanka are hoping to sign a bilateral free trade agreement soon, said Sri Lankan Ambassador to Vietnam A.L.Ratnapala in Hanoi on February 4.

 

The ambassador said the two countries are also considering a Vietnam-Sri Lanka Investment Protection and Promotion Agreement.

 

The two deals aim to boost economic, trade and investment ties between the countries in the future. Vietnam and Sri Lanka are looking forward to establishing their economic partnership, according to the ambassador.

 

The two nations already signed a bilateral aviation service agreement and in several years they will open direct air routes to boost trade and tourism.

 

Lack of market information and a direct air route are obstacles for the two countries, A.L.Ratnapala noted.

 

Annual two-way trade between the two countries is worth US$30 million. Of which, Sri Lanka exports US$18 million of goods to Vietnam.

 

The ambassador also said he hopes in the coming time more hi-quality goods of Sri Lanka will be sold to Vietnam and Vietnamese entrepreneurs will boost investment into the foreign country for export to third countries. A.L.Ratnapala emphasized that Sri Lanka has signed FTAs with India and Pakistan.

 

The Prime Minister of Sri Lanka paid an official visit to Vietnam in the end of 2006, the highest-ranking visit of a Sri Lankan leader to Vietnam since 1978. Prime Minister Nguyen Tan Dung may visit Sri Lanka this year.

 

Vietnam already reopened its diplomatic representative office in Colombo, the capital of Sri Lanka. (Website of Communist Party of Vietnam)