COLOMBO: President Ranil Wickremesinghe has said Sri Lanka seeks to join the Regional Comprehensive Economic Partnership (RCEP) trade bloc comprising China and Japan to bolster its economic connectivity within the broader Asian region amid impending financial challenges, an official statement said on Thursday.
Addressing the 56th anniversary of the Association of South East Asian Nations (ASEAN) held at Indonesia’s embassy in Colombo on Tuesday, he said Sri Lanka will work closely with ASEAN nations, the president’s office said.
“Sri Lanka’s economic focus should now turn towards the East, given the rapid development in that region,” Wickremesinghe said.
“What is now required is to work closely in all areas to ensure that objective will be achieved,” he said.
Wickremesinghe said Sri Lanka has applied to join RCEP, recognising the potential of this vast trade block.
Sri Lanka is currently working with its external creditors to renegotiate over USD 40 billion to meet an IMF deadline by next month.
The country also hopes to initiate negotiations for the establishment of free trade agreements with ASEAN member countries.
One of the key aspects of the new policy is the initiation of free trade agreements with ASEAN countries.
Sri Lanka has already forged a crucial trade agreement with Singapore and is actively negotiating with Thailand.
Wickremesinghe’s statement underscores the country’s determination to bolster its economic connectivity within the broader Asian region. The president affirmed his alignment with the future vision of ASEAN for the Indo-Pacific area, pledging full support for the advancement of this strategic perspective, the statement said.
These proposed collaborations highlight Sri Lanka’s commitment to fostering economic cooperation and trade linkages, which are poised to open new avenues for growth and development. The president’s statements reaffirm the nation’s readiness to engage actively in regional economic partnerships to realise its economic ambitions, it said.
The island nation was hit by an unprecedented financial crisis in 2022, the worst since its independence from Britain in 1948, due to a severe paucity of foreign exchange reserves.
In light of Sri Lanka’s recent financial challenges and the need for rejuvenation, President Wickremesinghe expressed a renewed commitment to pursue closer ties with ASEAN.
He acknowledged the strong cultural and historical connections between Southeast Asia and Sri Lanka, underscoring the importance of building on these relations to drive economic and political cooperation.
Wickremesinghe said Sri Lanka as an Indian Ocean state wishes to express its desire to have the region free of military interventions.
That policy is in line with ASEAN’s objectives for the Indian Ocean region.
RCEP comprises 15 members, the 10 ASEAN member states, as well as China, Japan, South Korea, Australia and New Zealand.
ASEAN is a regional organisation comprising 10 Southeast Asian nations that promotes economic growth. It comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Source : TimesOfIndia
