Sri Lanka has expressed its intention to join the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement. The announcement was made by President Ranil Wickremesinghe on August 8, 2023, during a speech marking the 56th anniversary of the Association of Southeast Asian Nations (ASEAN).
RCEP is a trade bloc that includes 15 countries in Asia-Pacific, including China, Japan, South Korea, Australia, and New Zealand. It covers a market of over 2.3 billion people and a GDP of $28.3 trillion.
Sri Lanka's membership in RCEP would be a major boost to its economy. The agreement would lower tariffs on goods and services, making it easier for Sri Lankan businesses to export their products to other RCEP countries. It would also open up new investment opportunities for Sri Lankan businesses.
In addition, Sri Lanka's membership in RCEP would help to demilitarize the Indian Ocean. The agreement includes a commitment to cooperate on maritime security, which could help to reduce tensions in the region.
