Sri Lanka to join RCEP trade bloc: President Wickremesinghe

President Ranil Wickremesinghe said on Thursday that Sri Lanka seeks to join the Regional Comprehensive Economic Partnership

Colombo: President Ranil Wickremesinghe said on Thursday that Sri Lanka seeks to join the Regional Comprehensive Economic Partnership (RCEP) trade bloc comprising major economies like China and Japan as the country strives to rebuild its crisis-hit economy.

Addressing the 56th anniversary of the Association of South East Asian Nations (ASEAN) held at Indonesia’s embassy in Colombo, he said Sri Lanka will work closely with ASEAN nations.

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“Sri Lanka’s economic focus should now turn towards the East, given the rapid development in that region,” he said.
“What is now required is to work closely in all areas to ensure that objective will be achieved,” he said.

Wickremesinghe said Sri Lanka has applied to join RCEP, recognising the potential of this vast trade block.

Sri Lanka is currently working with its external creditors to renegotiate over USD 40 billion to meet an IMF deadline by next month.

The country also hopes to initiate negotiations for the establishment of free trade agreements with ASEAN member countries.

One of the key aspects of the new policy is the initiation of free trade agreements with ASEAN countries.

Sri Lanka has already forged a crucial trade agreement with Singapore and is actively negotiating with Thailand.

The island nation was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves.

Wickremesinghe said Sri Lanka as an Indian Ocean state wishes to express its desire to have the region free of military interventions.

That policy is in line with ASEAN’s objectives for the Indian Ocean region.

RCEP comprises 15 members, the 10 ASEAN member states, as well as China, Japan, South Korea, Australia and New Zealand.

ASEAN is a regional organisation comprising 10 Southeast Asian nations that promotes economic growth. It comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.