Colombo - President Ranil Wickremesinghe announced on Thursday that Sri Lanka is actively seeking to become a member of the Regional Comprehensive Economic Partnership (RCEP) trade bloc, which includes significant economies such as China and Japan. This move is part of Sri Lanka's concerted efforts to revitalize its economy that has been adversely affected by crises.
Speaking at the 56th anniversary event of the Association of South East Asian Nations (ASEAN), held at the Indonesian embassy in Colombo, President Wickremesinghe conveyed Sri Lanka's intent to collaborate closely with ASEAN nations. He emphasized the need for Sri Lanka to shift its economic focus toward the East, considering the rapid advancements in that region. He stressed the importance of collaborative efforts across various domains to attain this goal.
Wickremesinghe pointed out that Sri Lanka has formally applied to join the RCEP, recognizing the potential benefits of this expansive trade bloc. Concurrently, the country is engaged in negotiations with its external creditors to renegotiate debts exceeding USD 40 billion, aiming to meet an International Monetary Fund (IMF) deadline set for the coming month. Additionally, Sri Lanka aspires to commence negotiations for the establishment of free trade agreements with member countries of ASEAN. Notably, the nation has already established a significant trade agreement with Singapore and is actively pursuing negotiations with Thailand.
In 2022, Sri Lanka confronted an unprecedented financial crisis, considered the most severe since gaining independence from Britain in 1948, owing to a critical shortage of foreign exchange reserves. Wickremesinghe also conveyed Sri Lanka's aspiration, as an Indian Ocean state, to foster a military-intervention-free region, aligning with ASEAN's objectives for the Indian Ocean territory.
RCEP is composed of 15 member nations, including the 10 ASEAN member states, in addition to China, Japan, South Korea, Australia, and New Zealand. ASEAN, a regional organization encompassing 10 Southeast Asian countries, is dedicated to promoting economic growth. Its member nations include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.