BANGKOK – In a significant development, Thailand inked a free trade agreement (FTA) as well as air travel services agreement with Sri Lanka on Saturday.
A delegation headed by Thai Prime Minister Srettha Thavisin arrived in Colombo to sign the free trade agreement (FTA) poised to play a crucial role in fostering economic growth and revitalizing the island nation’s struggling economy.
Thai Prime Minister Srettha Thavisin highlighted that this agreement would provide tremendous business opportunities for both sides
“We encourage our private sectors to explore the potential of two-way trade and investment,” he added.
Besides the free trade agreement, Thai prime minister said that both the countries agreed to push for visa-free travel to promote air travel between the two countries.
This renewed focus on a trade agreement is anticipated to be a catalyst for economic recovery, signaling a proactive approach by the nation to navigate and overcome the challenges posed by recent economic setbacks.
Additionally, industry leaders and stakeholders are encouraged to seize emerging opportunities, contributing to a concerted effort to drive sustained growth in the business landscapes of both Thailand and Sri Lanka.
It is to be noted that the passport of Thailand is not that strong but is ranked 63rd spot as per the Henley Passport Index 2024. The visa-free destinations available to its citizens are 82.
Thailand, known for its rich cultural heritage and vibrant landscapes, has a population of approximately 69 million people. As a key player in Southeast Asia, Thailand boasts a diverse economy driven by tourism, manufacturing, agriculture, and contributes to its status as one of the region’s economic powerhouses.