Petition filed against Sri Lanka-Thailand FTA
March 7, 2024 04:53 pm
A fundamental rights (FR) petition has been filed before the Supreme Court challenging the Sri Lanka-Thailand Free Trade Agreement (SLTFTA).
The petitioners have requested the Supreme Court to deliver an order preventing the implementation of the trade deal.
A total of 27 individuals including the Attorney General (on behalf of the President), the Prime Minister, the Cabinet Ministers, Secretary to the Finance Ministry and Secretary to the Trade Ministry have been named as respondents of this petition.
During the visit of Thai Prime Minister Srettha Thavisin and his delegation of business dignitaries in February, Sri Lanka inked the historic trade agreement with Thailand in a bid to boost market opportunities, with negotiations covering various aspects such as trade in goods, investment, customs procedure, and intellectual property rights.
Thailand, the 37th exporting destination of Sri Lanka, holds significant economic importance, with a GDP of USD 495 billion in 2022 and is one of the largest outward investors in ASEAN. Thailand has brought over USD 92 Million worth of FDI to Sri Lanka during the period from 2005 to 2022.
The SLTFTA, having undergone extensive negotiations, had received legal clearance and is set to further strengthen economic ties between the two nations.
