Factum Perspective: Thailand Strengthens Economic Ties with Sri Lanka

Factum Perspective: Thailand Strengthens Economic Ties with Sri Lanka

By Flavia Gunarathna

In a significant stride towards economic revitalization, Thailand and Sri Lanka signed a Free Trade Agreement (FTA), marking an important moment in diplomatic and economic relations between the two nations. As Sri Lanka grapples with its worst financial crisis in decades, the FTA is anticipated to play a crucial role in fostering economic growth and recovery.

One of the objectives of the FTA is to enhance market opportunities for both Thailand and Sri Lanka. By eliminating or reducing trade barriers, the agreement facilitates a more seamless flow of goods and services between the two countries. Sri Lanka, in particular, seeks to expand its market access, enabling its businesses to tap into the vast consumer base in Thailand and vice versa.

In 2021, the two-way trade stood at USD 460…