Business

Visiting Singapore PM urged not to sign FTA with Sri Lanka 

22 January 2018 - 678   - 0

 

Professional groups in Sri Lanka, engaged as key stakeholders in discussions with the Government on proposed Free Trade Agreements (FTAs) with India, China and Singapore, on Monday urged the visiting Singapore Prime Minister Lee Hsien Loong not to sign the FTA, as scheduled by the Sri Lanka Government.

In a letter to the Singapore Premier who arrives today (Monday) on an official visit, Nalaka C. Jayaweera, Chartered Architect – on behalf of the United Professional Movement (UPM, said there are many legal implications on Singaporean investors and Singapore FTA as the government of Sri Lanka has not protected the rights of any foreigner and had failed to protect the rights of its own people.

   
Thus, he said, “… with great respect we sincerely request you, not to sign the proposed Singapore - Sri Lanka FTA as confirmed by Sri Lanka’s Cabinet of Ministers”.
Professional groups have been opposing the proposed FTAs on the basis that certain fundamental laws and guidelines need to be set in place first before FTAs are formalised.


“We are not against any FTA, but we always maintained that the domestic regulations as per WTO framework and the legal framework of the country should be geared to handle trade liberalization; like in your country where you are having one of the best legal models in the world. It is no doubt that without such any party can incur losses beyond any expectation,” the letter to the Singapore PM said. 


“Though a haphazard consultative process was on for the last more than two years, not a ‘single letter’ has been produced by the government to date to have a proper domestic regulations and legal system. The Prime Minister of Sri Lanka maintained that he will sought the approval from the Parliament before signing of any international agreement. But interestingly Sri Lankan Parliament is scheduled to sit only from January 23 onwards and to date there is no such agreement before the Parliament,” Mr. Jayaweera added.
Singapore, he pointed out, being a country led by principles, strong legal framework, and high level of transparency and honesty should not get involved with a country which violates the rights of its own people. – ENDS -

  Comments - 0

  • Leave a comment

Top Stories

Rajapaksa claims witch-hunt against his family

  Former President Mahinda Rajapaksa declared on Friday that “deliberate” attempts were being made to implicate former Def...

19 August 2018 - Views : 17

Prisons spokesperson’s mouth locked up

19 August 2018

SriLankan pilots clarify issue of media leaks

19 August 2018

Former Prime Minister Vajpayee a true friend of Lanka: PM Wickremesinghe

19 August 2018



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">

 

Features & Analysis

Blast from the past as Boyzone leave Lankan fans thrilled

It was a blast from the past as ‘Boyzone’ the Irish band that had ruled the charts in the 90s performed i...

Shaggy arrives in the island

As Cinnamon Life's Colombo Music Festival gets underway tomorrow,  headling artist Shaggy is seen arriving a...

Singer Diana King arrives in the island ahead of the Colombo Music Festival

It was a star studded morning at the Cinnamon Grand as headliner Diana King of Cinnamon Life's Colombo Music Fest...

In Pictures: Madhu Feast

The Madhu Church festival takes place every year in August when thousands of Catholic devotees flock from all over th...



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">