According to Moody`s, the extent to which the SLSFTA reduces Sri Lanka`s external vulnerability depends on its effectiveness in strengthening services and investment flows. Sri Lanka`s current account balance has a structural deficit, as a large trade deficit would more than offset a surplus of services and remittances, the agency said. In addition, FDI flows only partially finance the current account deficit, resulting in a persistent cash shortfall, he added. Sri Lanka and Singapore`s cordial diplomatic relations have not been as robust in their trade and trade relations. The SLSFTA is expected to make significant changes to this situation. The agreement is expected to benefit both sides significantly. Sri Lanka is expected to benefit from the import of cheaper consumer and intermediate consumer goods, foreign direct investment and technology transfers, as well as healthy competition for local producers. Singapore`s businesses, meanwhile, will benefit from better access and investment opportunities in Sri Lanka`s growing economy, its skilled and productive labour base and Sri Lanka`s strategic position to further supplant trade in the Indian Ocean and the South Asian regional market. From a broader regional perspective, SLSFTA symbolizes a greater institutional link between South and Southeast Asia, as well as between global trade that encompasses the maritime areas of the Malacca Highway, the Bay of Bengal and the Indian Ocean. In this context, Singapore is working with India and Japan to develop the Trincomalee Port (the world`s fifth largest natural port) and the city of Trincomalee in northeastern Sri Lanka.

Such integration of maritime trade and economy is good news at a time when the global trade outlook is threatened by uncertainty. Singapore and Sri Lanka are both the most capitalized on the SLSFTA to determine the benefits of free trade agreements and preserve the benefits of free trade. The main criticism of free trade agreements is that they are responsible for outsourcing employment. There are seven total disadvantages: you have reached the limit of premium items that you can view for free. Sri Lanka and Singapore recently signed a bilateral free trade agreement (SLSFTA). The SLSFTA is not only a comprehensive and modern free trade agreement in terms of scope and coverage, but it also paves the way for Sri Lanka`s greater integration into ASEAN and possible future membership of the RCEP. With regard to the challenges of maximizing the benefits of SLSFTA, this paper states that a successful SLSFTA would justify the region`s confidence in the virtues of free trade. The agreement highlights Singapore`s serious research and investment partners beyond East Asia and demonstrates recognition of Sri Lanka`s potential as a commercial hub in the fast-growing Indian Ocean region. The agreement is also the result of Sri Lanka`s post-conflict trade policy to boost growth and strengthen relations with East Asia. The Sri Lanka-Singapore Free Trade Agreement (SLSFTA) is Singapore`s 21st trade agreement with 32 trading partners and reaffirms Singapore`s commitment to free and open markets. SINGAPORE – The free trade pact signed last week between Singapore (Aaa stable) and Sri Lanka (B1 negative) will strengthen cross-border trade in goods and services and encourage foreign direct investment (FDI) between the two countries, which is positive for both countries, as announced on Monday (January 29th) by the rating agency Moody`s Investors Service. Singapore`s growth strategy in recent decades has been based on a policy of external orientation and reducing barriers to international trade and investment.

It is fully committed with the WTO to simultaneously promote trade liberalization through regional and bilateral means to maintain its global competitiveness in the international market.

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