May 12, Colombo: Minister of Development Strategies and International Trade Malik Samarawickrema says that local industries or the workforce will not be affected by Sri Lanka - Singapore Free Trade Agreement.
Minister Samarawickrama says the agreement was signed only after it was approved by the Attorney General and the cabinet.
The Minister noted that under the agreement foreigners cannot freely come and work in Sri Lanka and local engineers and architects will not be affected by the agreement as some parties claim.
He said that although some people say that there is a danger of goods produced in another country, entering Sri Lanka through the Free Trade Agreement, it is not true and there is a limit one can bring in if an investment is being made.
He said that the government will not lose income on revenue taxes and Sri Lanka will get many benefits through the Free Trade Agreement.
Sri Lanka and Singapore signed the Sri Lanka-Singapore Free Trade Agreement (SLSFTA) on January 23, 2018. The SLSFTA is the most comprehensive trade agreement covering goods, services, investments, trade facilitation, intellectual property rights, and government procurement.
The free trade agreement is expected to benefit Sri Lanka through cheaper consumer goods and inputs, foreign direct investment (FDI), and competition.