Sri Lanka, Thailand set to increase bilateral trade value to US$1.5 billion

BANGKOK, Jan 14 (TNA) -- Sri Lanka and Thailand have set their trade target at 1.5 billion US dollars within 2020 while the two countries want to discuss free trade agreement as soon as possible, said Thai Commerce Minister Apiradi Tantraporn. Ms Apiradi’s remarks were made Friday after holding talks with visiting Sri Lanka’s Industry and Commerce Minister Rishad Bathiudeen. She said Thailand is now conducting a feasibility study on the possibility to prepare a Thailand-Sri Lanka free trade area and the study is expected to conclude later this year. Sri Lanka wants negotiations on the issue to be held as soon as possible, said Ms Apiradi. She said Mr Bathiudeen wants Thai businessmen to invest in rubber, auto parts and electronic components in Sri Lanka and wishes that a second meeting of Thailand-Sri Lanka Trade Sub-Committee to be organised to find ways to eradicate trade obstacles and strengthen economic cooperation in future. Currently, Sri Lanka ranks fourth after India, Pakistan and Bangladesh in trade partnership for Thailand among countries in South Asia. Two-way trade between the two countries is about 520 million US dollars annually during the past five years. Major Thai commodities export to Sri Lanka are cloth, dried fish, automobile and parts, sugar, plastic resins, rubber, chemical products, iron and steel. Key goods imported from that country are jewel, garments, coffee, tea, and chemical products. (TNA)