Sri Lanka to expand free trade agreements to boost exports, foreign exchange

COLOMBO, Aug. 17 (Xinhua) -- The Sri Lankan government plans to sign more free trade agreements (FTAs) with foreign partners to diversify its export markets and boost foreign exchange earnings, state media reported on Sunday, citing a senior official.

Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe said market diversification is critical to building a competitive and resilient export sector.

He noted that expanding trade partnerships will not only help diversify products but also strengthen integration into global supply chains. The government is also focused on increasing value addition and building stronger brand recognition, he said.

Abeysinghe highlighted that Sri Lanka's apparel exports generated more than 5 billion U.S. dollars in 2024. The government aims to raise that figure to 8 billion dollars by 2030.