Sri Lanka and Malaysia in talks to begin negotiations for FTA

President Ranil Wickremesinghe has been formally invited by His Majesty, the King of Malaysia to undertake a state visit to the country.

The Sri Lankan leader has graciously accepted this invitation and has expressed his intent to schedule the visit in the early months of 2024, specifically in either January or February, the President’s Media Division (PMD) said.

The King’s invitation was personally conveyed by Malaysian Prime Minister Anwar Ibrahim during bilateral discussions on the sidelines of the UNGA in New York on Wednesday (Sept. 20).

During their meeting, the Malaysian prime minister expressed a strong desire to bolster economic ties between the two nations. He emphasized Malaysia’s eagerness to facilitate increased investments from Malaysian companies in Sri Lanka.

In a promising move, the Malaysian prime minister has also responded positively to Sri Lanka’s request to commence negotiations for a free trade agreement (FTA) between the two countries, which could potentially open up new avenues for trade and economic cooperation.

Further, it was revealed that the Malaysian Foreign Minister is set to attend the Indian Ocean Rim Association (IORA) meeting in Colombo next month, underscoring Malaysia’s commitment to regional cooperation and engagement.

In a gesture of solidarity and collaboration, Malaysia has agreed to support Sri Lanka’s application to become a member of the Regional Comprehensive Economic Partnership (RCEP), a major regional trade agreement.

The PMD says this invitation and the ensuing discussions mark a significant step in strengthening the diplomatic and economic relationship between Malaysia and Sri Lanka. The state visit will hold the promise of enhancing cooperation in various domains and fostering mutual prosperity.