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AP National Business

Sri Lanka to fast-track trade pact with Thailand amid crisis

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Published 10:38 PM

By BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — Debt-stricken Sri Lanka is fast-tracking efforts to seal a stalled trade pact with Thailand in order to boost trade and tourism, and improve the foreign currency shortage that has led to its worst economic crisis. Sri Lanka began talks with Thailand on a free trade agreement in 2016, held two rounds of discussions in 2018, and the latest last month. But government spokesman Bandula Gunawardena said there’s been a “huge delay” and Sri Lanka is now determined to sign the agreement before the end of March. Sri Lanka is also in talks with India and China to reach trade agreements. The country is bankrupt and has suspended repayment of its $51 billion foreign debt, of which $28 billion must be repaid by 2027.

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