COLOMBO, June 12 (Xinhua) -- Sri Lanka Cabinet approved a proposal submitted by President Ranil Wickremesinghe to begin negotiations for a free trade agreement with Malaysia, the government's information department said on Wednesday.
The department said that Sri Lanka must develop economic integration with countries that have strong and strategic economies. Malaysia, Sri Lanka's 34th export destination, is a key member of the Association of Southeast Asian Nations (ASEAN) and the Regional Comprehensive Economic Partnership (RCEP).
The total value of exports from Sri Lanka to Malaysia was 58.3 million U.S. dollars in 2023, according to the department.
Sri Lanka has signed such agreements with Thailand and Singapore. Discussions are underway for a preferential trade agreement with Indonesia. ■
