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SL aims for RCEP membership & FTAs with ASEAN

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President Ranil Wickremesinghe revealed that Sri Lanka’s intention to join the Regional Comprehensive Economic Partnership (RCEP) is poised to materialize following the conclusion of credit optimization initiatives. Additionally, the President announced plans to initiate negotiations for the establishment of free trade agreements with corresponding ASEAN member countries.

President 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.

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 realize its economic ambitions.

President Ranil Wickremesinghe made these remarks while addressing the 56th anniversary of the Association of South East Asian Nations (ASEAN), Tuesday (08) at the Embassy of the Republic of Indonesia, Colombo.

The President reflected on Sri Lanka’s economic history and the decisions that had impacted the nation’s progress. He acknowledged the efforts of former President J. R. Jayawardena, his father and other influential figures who advocated for opening up the economy and joining ASEAN during its founding years as well as the Shenoy reforms for liberalization of the economy and to ensure the welfare program stayed within the needs. The President remarked that turning down the opportunity to join ASEAN led to a period of socialist economic policies and limited capital formations, hindering the country’s growth potential.

The President further explained the circumstance that converted a source of profound regret. He said subsequently, over a span of three years, Sri Lanka transitioned into a socialist economic model, leading to the fragmentation of the capital formations, and has continued to progress in this trajectory. “However, we find ourselves not entirely emancipated from the constraints imposed by that economic paradigm. At present, despite being positioned as one of the world’s major economies, poised to potentially ascend to the ranks of the fifth or fourth largest expanding economies, we now confront the disheartening reality of shaking on the brink of bankruptcy after 55 years of existence.”

President Ranil Wickremesinghe praised the association’s remarkable growth and success as one of the world’s largest economic blocks. The President also expressed regret that Sri Lanka had declined an invitation to join ASEAN in its early years, citing missed opportunities for economic prosperity. However, he highlighted a new policy approach to collaborate closely with ASEAN to enhance Sri Lanka’s position in the global arena.

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.

Amid the looming threat of bankruptcy, Sri Lanka has embraced the challenge head-on, aiming to move forward with inspiration drawn from proactive problem-solving approaches. This involves looking to the accomplishments of the ASEAN and enhancing collaboration with the organization. This strategic approach is firmly rooted in the government’s policies. This approach, championed by the current administration, is expected to resonate with other governments as well. The nation’s enduring connections with Southeast Asia stand as evidence of its strong regional ties, perhaps only second to its affiliations with India and Maldives. Cultural bonds are exemplified through shared practices like Mahavihara Buddhism in countries such as Myanmar, Thailand, Cambodia, and Laos, and historical links like that between the Srivijaya Empire and Sri Lanka and Anuradhapura further reinforce these ties.

Numerous historical interconnections further validate these relationships, including interactions with Malays and historical associations with the Srivijaya Empire. Even shared colonial history, notably during the Dutch Empire’s reign in places like Batavia (present-day Jakarta, Indonesia), adds another layer of commonality. This collective historical backdrop lays the groundwork for nurturing cultural, economic, and political relations.

Consequently, as Sri Lanka faces impending financial challenges, it is actively strengthening its bonds with ASEAN nations. These alliances are poised to facilitate the pursuit of shared interests and the fostering of regional cooperation. In the pursuit of progress, Sri Lanka seeks not only to capitalize on its robust ties with Southeast Asia but also to build upon them for a mutually prosperous future.

One of the key aspects of the new policy is the initiation of free trade agreements with ASEAN countries. President Wickremesinghe revealed that Sri Lanka has already forged a crucial trade agreement with Singapore and is actively negotiating with Thailand. The President also announced that Sri Lanka has applied to join the Regional Comprehensive Economic Partnership (RCEP), recognizing the potential of this vast trade block comprising major economies like China, Japan, and Korea. He emphasized that Sri Lanka’s economic focus should now turn towards the east, given the rapid development in that region.

President Wickremesinghe has urged the Minister of Foreign Affairs to facilitate regular ministerial-level meetings with ASEAN countries to address mutual concerns and discuss the way forward. He stressed the importance of upholding the ASEAN outlook on the Indo-Pacific and supporting Indonesia’s maritime fulcrum concept.

The President emphasized the need for unity and cooperation, especially in the face of challenges like climate change. Recognizing the urgency of the climate crisis, President Wickremesinghe called for joint efforts between ASEAN countries and Sri Lanka to combat climate change and explore the potential of the blue economy.

President Ranil Wickremesinghe expressed gratitude for the invitation to the ASEAN anniversary event and reaffirmed Sri Lanka’s commitment to fostering closer ties with ASEAN and reiterated that collaboration and friendship among nations would be the driving force for shared progress and prosperity in the region.

Meanwhile the Indonesian Ambassador, Dewi Gustina Tobing, highlighted the significance of the ASEAN viewing Sri Lanka as a vital partner for regional cooperation. With a collective population exceeding 670 million, roughly 8.8% of the global populace, ASEAN represents the world’s third-largest market.

The Ambassador emphasized the importance of fostering stronger ties between ASEAN and Sri Lanka. The aim is to promote people-to-people connections and create a closer link between the two regions.

Ambassador Tobing reiterated ASEAN’s aspiration for a peaceful, stable, and prosperous Indo-Pacific region. The organization seeks to establish an inclusive regional architecture that ensures the safety and security of all member nations.

The envoy expressed ASEAN’s openness to engaging with countries interested in strengthening their presence in the Indo-Pacific. The organization is committed to collaborating with Sri Lanka to ensure the nation benefits from ASEAN’s development. Dynamic and multifaceted partnerships are recognized as pivotal in this pursuit.

Ambassador Tobing emphasized that shared values, principles, and interests form the bedrock of ASEAN’s relations with countries worldwide. These include bolstering a rule-based international order to tackle common challenges spanning economic, security, health, environmental, cultural, and climate change aspects.

In light of the 57th year of ASEAN’s existence, the envoy reaffirmed solidarity among member nations to collectively address challenges and create more opportunities for growth. The partnership between ASEAN and Sri Lanka is poised to flourish, evolving positively over the years and decades to come.

Speaker Mahinda Yapa Abeywardena, Ministers Bandula Gunawardena, Keheliya Rambukwella, Vidura Wickramanayake, Nasir Ahmed, Jeevan Thondaman, Nalin Fernando, State Minister Taraka Balasuriya and other officials including Malaysian High Commissioner Badli Hisham Adam. , Ambassador of Thailand Poj Harnpol, Ambassador of Vietnam Ho Thi Thanh Truc, Ambassador of Myanmar Mr. U Han Thu, Mr. Sagala Ratnayake, Senior Adviser to the President on National Security and Chief of Presidential Staff and many dignitaries including the commanders of the three armed forces attended the event.

(President’s Media Division)

BIZ

Vehicle import ban extended until next year

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The government has postponed the lifting of the ban on private vehicle imports until the beginning of next year.

A decision has been made to put off lifting the ban because the country’s economy has not stabilised enough and foreign reserves are not at a sufficient level to facilitate such imports, a senior Treasury official told the Sunday Times. He said the import of private vehicles will result in an annual foreign exchange outflow of about USD 1 billion.

However, the import of commercial vehicles such as lorries, buses and trucks, as well as vans used in the tourism sector, can start next month, the official added. Vehicles used for government ministries and other agencies too will only be imported from the beginning of next year when the ban is lifted on private vehicle imports.

The government had earlier planned to allow the import of electric vehicles and private cars by the end of this year. This has also now been postponed until next year.

Motorbikes and three-wheelers make up the largest number of private vehicle imports. The import of these vehicles will have to be postponed until at least May or June next year due to the economy still not having recovered enough, the official revealed.

Small cars with engine capacities ranging from 600 cc to 800 cc are usually imported in bulk. Therefore, the government will allow only a certain quota of such vehicles to be imported. Only authorised local agents of the parent companies will be allowed to import such vehicles initially.

When allowing the import of vehicles from the start of next year, the government will also give priority to companies that locally assemble the vehicles from imported parts, the Treasury source said.

Meanwhile, about 10,000 vehicle permits issued to doctors and senior government officers are still pending. The official said they would only be able to consider allowing these vehicle imports next year, but that their vehicles too would not be allowed to be imported in bulk. The decision on these imports will depend on the state of the economy.

Traders will not be able to import vehicles in bulk and will only be allowed to import a limited number of vehicles. Only reconditioned vehicles that are two years old or less will be imported. Their engine capacities, too, will depend on what the government considers can be imported without harming the still fragile economy.

If the vehicle imports prove too much of a burden on the country’s economy and lead to serious strain on the US dollar and the country’s foreign reserves, the Treasury will not hesitate to re-impose restrictions, the official added.

(sundaytimes.lk)

(Except for the headline, this story, originally published by sundaytimes.lk has not been edited by SLM staff)

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JVP death threats to Hudson

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A serious death threat has been levelled against Chairman of the Sri Lanka Broadcasting Corporation (SLBC) Hudson Samarasinghe by JVP Central Committee member and NPP National Executive member Wasantha Samarasinghe.

The death threat by Wasantha Samarasinghe is being circulated on social media and Hudson Samarasinghe’s life is in great danger.

Wasantha Samarasinghe had said that there will be no room to hide and they will settle this score at the election and Hudson Samarasinghe will not be allowed to flee the country. Even if he flees the country, there are more people of Malimawa (Compass) in those countries, Wasantha Samarasinghe said.

Wasantha Samarasinghe who had said that there is no escape from the law, added that Sri Lankans in other countries had teamed up with Malimawa) and Hudson will end up on the Moon.

Hudson Samarasinghe, one of the most experienced media broadcasters in the country, is also a veteran media administrator. A former Member of Parliament, Hudson is the SLBC Chairman for the sixth time.

(sundayobserver.lk)
(This story, originally published by sundayobserver.lk has not been edited by SLM staff)

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Presidential election on September 21

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Nominations for the presidential election are set to be accepted only in mid-August, not earlier, with the announcement of the exact date to be made in the coming week, Election Commission sources said yesterday.

Accordingly, the election is now expected to be held on September 21, instead of October 5 or 12, as earlier indicated. Constitutionally, after the announcement of the elections, nominations should be received within 16 to 21 days, and elections should be held within 28 to 42 days, thereby giving the Commission a maximum of 63 days to conduct the poll.

Political parties, election monitoring groups and civil society groups have stepped up their campaigns, calling on the Election Commission to announce the day of nominations as early as possible. The Commission, since last Wednesday (July 17), has been empowered to make an announcement about the day of the nominations.

Elections Commissioner General Saman Shri Ratnayake told the Sunday Times that political parties and other groups should refrain from demanding an early declaration of elections as it could be seen as an interference in the Commission’s activities.

Election Commission Chairman R.M.A.L. Ratnayake told the Sunday Times that the nominations for the election would be called for “in the next few days”, with the arrangements well underway for the conduct of the polls.

He said in the latest of a series of meetings with officials, he met with Treasury Secretary Mahinda Siriwardena and Treasury officials on Wednesday, where an assurance was given that the allocation of Rs 10 billion would be released in keeping with the requirements.

He said that it was pointed out at the meeting that expenses could be doubled compared to the previous presidential election.

Meanwhile, the Elections Commission has requested Police Chief Deshabandu Tennakkoon to draw out a security plan for the nomination day and the campaign period leading up to the election. The Commission has also requested a plan regarding the deployment of police personnel and vehicles.

A cabinet paper was submitted by President Ranil Wickremesinghe this week on increasing the personal security of candidates for the upcoming presidential election. Accordingly, approval was granted to appoint a committee to oversee the personal security arrangements of the candidates. The committee consists of the Public Security Ministry Secretary, the Chief of Defence Staff, the Inspector General of Police, the Chief of National Intelligence, and the Senior Deputy Inspector General in charge of elections.

(sundaytimes.lk)
(Except for the headline, this story, originally published by sundaytimes.lk has not been edited by SLM staff)

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