Indonesia is in discussions with the Sri Lankan government to ink an free trade agreement to promote trade and investment opportunities between the two countries, Indonesian Ambassador to Sri Lanka, Gusti Ngurah Ardiyasa said.
To this end, a feasibility study is currently being undertaken.
The Ambassador made these views when speaking at a seminar on ‘Bilateral Trade between Sri Lanka and Indonesia’, organized by the National Chamber of Commerce, yesterday.
“There is vast economic and trade potential that can be explored between the two nations,” the Indonesian Ambassador said.
According to the Ambassador, the current trade value between Sri Lanka and Indonesia is not up to the expected level. In 2016, Sri Lanka has exported US$ 42 million worth of goods to Indonesia, whilst Indonesia has exported US$ 388 worth of goods to Sri Lanka, making the trade balance in favour of Indonesia. Sri Lanka’s exports to Indonesia include tobacco products and substitutes, wheat flour, apparel and tea and Sri Lanka’s imports from Indonesia are unmanufactured tobacco, tobacco refuse, pulp of paper or of paperboard, Portland cement, etc.
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