President Anura Kumara Dissanayake has announced plans to expand Sri Lanka’s existing Free Trade Agreement (FTA) with India, with a committee of officials already appointed by the Cabinet of Ministers to pursue the initiative.

Presenting the 2027 Budget in Parliament, the President said the Government was working to update existing trade agreements and enter into new agreements with other countries to strengthen Sri Lanka’s international trade relations.

He said the committee had been appointed specifically to explore expanding the existing FTA with India.

Sri Lanka is also exploring the possibility of entering into a new Free Trade Agreement with China, while an application has been submitted to join the Regional Comprehensive Economic Partnership (RCEP).

The Government also expects to enter into Comprehensive Economic Partnership Agreements (CEPAs) with the United Arab Emirates (UAE).

Meanwhile, a Sri Lanka–European Union Sustainable Trade and Economic Integration Project will be implemented in 2027 with EU grant assistance amounting to Rs. 3,430 million.

The project aims to promote export competitiveness, diversify exports and encourage sustainable production, while further strengthening Sri Lanka’s trade relations with the European market.

The President said Sri Lanka would also explore the possibility of entering into new Free Trade Agreements with other countries following feasibility studies. (Newswire)