House, Government Spokesperson Revealing the results of the Prime Minister's visit to Sri Lanka Successfully signed the first FTA of this government. Increase the value of Thai-Sri Lanka trade and investment Mr. Chai Watcharong, Spokesman of the Prime Minister's Office Revealing good news from The Thai and Sri Lankan governments successfully signed the Thailand - Sri Lanka Free Trade Agreement during the official visit of Mr. Settha Thavisin, Prime Minister and Minister of Finance, to Sri Lanka. Between 3 - 4 February 2024, it is Thailand's 15th Free Trade Agreement (FTA) and the first under the government of Mr. Settha Thavisin, resulting in a more equal opening of the product market. 85 percent of the total number of product items The government continues to support the utilization of the Thailand - Sri Lanka FTA to its full potential. Ready to push for it to come into effect by 2024. A spokesman for the Prime Minister's Office said that on February 3, 2024, the Prime Minister witnessed the signing of the Thailand-Sri Lanka Free Trade Agreement between the Thai Ministry of Commerce. and the Ministry of Commerce, Trade and Food Security of Sri Lanka at the Office of the President of Sri Lanka. After both sides concluded negotiations in December 2023, the Thailand-Sri Lanka FTA will support the opening of an equal trade market for more than 85 percent of the total number of goods. and there is a period of duty reduction/exemption of 16 years from the date the agreement comes into effect. Products for which Sri Lanka will be exempted from duty immediately, equivalent to 50 percent of the total number of products, or more than 4,000 items. In addition, Sri Lanka will allow Thailand to hold shares in service branches up to 100 percent in 50 branches and share shares in the sector. Investment up to 100 percent in 35 fields Spokesperson for the Prime Minister's Office Added that The government moves forward with a public hearing. To gather opinions from all sectors before submitting to Parliament for approval It is expected to come into force by 2024. In addition, the government continues to encourage the Thai private sector to take advantage of the Thailand - Sri Lanka FTA through organizing the Sri Lanka - Thailand Business Networking event under the theme "Explore market channels and open doors." Trade and Investment to Sri Lanka' which is the inaugural activity to kick off the utilization of the Thailand-Sri Lanka FTA to promote trade and investment between them. After signing the FTA The Thailand - Sri Lanka Free Trade Agreement is the first FTA under the government of Mr. Settha Thavisin and the 15th of Thailand, with Sri Lanka being the second country in the South Asian region (the first country being India), making it currently Thailand has a total of 15 FTAs ??with 19 countries. 'The Prime Minister pushes for the use of free trade agreement channels. to create economic opportunities and expand new potential markets. The signing of the Thailand-Sri Lanka FTA is considered a concrete achievement that occurred d uring the first period of the Prime Minister's inauguration. It emphasizes that the Prime Minister is ready to push for invitations to support foreign investment. The Prime Minister believes that The agreement will enhance Thailand's competitiveness in the Sri Lankan market. Ready to invite Thai entrepreneurs to prepare to take advantage of the Thailand-Sri Lanka FTA for trade and investment opportunities for the Thai people,' Mr. Chai said. Source: Thai News Agency