Bilateral Agreement Sri Lanka

Bilateral agreements have become an essential aspect of international relations. They provide a framework for cooperation between two countries in various areas, including trade, investment, defense, education, and tourism. A bilateral agreement is a legally binding document that outlines the terms and conditions of the relationship between two countries.

Sri Lanka, a small island nation located in South Asia, has entered into several bilateral agreements with various countries worldwide. These agreements have helped Sri Lanka in various areas, including trade, investment, tourism, and education, among others. This article explores the bilateral agreements that Sri Lanka has signed and their potential benefits.

Trade Agreements

Sri Lanka has signed several trade agreements with various countries worldwide, including India, China, and Singapore. The most recent trade agreement Sri Lanka has signed was with Singapore, a Comprehensive Economic Partnership Agreement (CEPA) that came into effect in 2018. The CEPA is a free trade agreement that covers areas such as goods, services, investment, technology, and e-commerce.

The agreement aims to boost trade between Sri Lanka and Singapore by removing trade barriers, reducing tariffs, and improving market access. Furthermore, the agreement provides a framework for cooperation in areas such as intellectual property rights, competition policy, and government procurement.

Investment Agreements

Sri Lanka has also signed several investment agreements with various countries worldwide, including China, India, and the United Kingdom. The most recent investment agreement Sri Lanka has signed was with China, a Memorandum of Understanding (MOU) to promote investment cooperation. The MOU aims to attract Chinese investors to Sri Lanka by providing them with a favorable investment climate.

Tourism Agreements

Sri Lanka has also signed several tourism agreements with various countries worldwide, including China, India, and the United Kingdom. The most recent tourism agreement Sri Lanka has signed was with India, a Memorandum of Understanding (MOU) on tourism cooperation. The MOU aims to promote tourism between Sri Lanka and India by facilitating travel and providing a framework for cooperation in areas such as marketing, product development, and training.

Conclusion

Bilateral agreements have become an essential aspect of Sri Lanka`s foreign policy. They provide a framework for cooperation between Sri Lanka and other countries worldwide in various areas, including trade, investment, tourism, and education. These agreements have the potential to boost Sri Lanka`s economic growth and enhance its international relations. Furthermore, they provide a framework for cooperation that can benefit both Sri Lanka and its partner countries.