Sri Lanka Moves Forward on RCEP Membership Process

Himasha Dissanayake, JadeTimes Staff

H. Dissanayake is a Jadetimes news reporter covering Economy

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Source: Thai PBS World

Sri Lanka’s cabinet of ministers has approved steps to advance the nation’s bid to join the Regional Comprehensive Economic Partnership (RCEP), following a formal questionnaire request from the trade grouping. According to the post-cabinet statement, member countries are required to gradually remove tariffs on 85% to 90% of goods under the agreement, enabling deeper market access and improved trade competitiveness.

Officials say that joining RCEP would support the country’s export diversification goals and boost integration into regional and global supply chains. The pact, initially comprising ASEAN nations and other regional economies, came into force on January 1, 2022, and was opened to new members in July 2023. Sri Lanka submitted its letter of intent to join on June 28, 2023.

In October 2024, an initial questionnaire was issued to several prospective member states, including Sri Lanka. The document seeks detailed data to assess compliance with existing trade provisions and the applicant’s readiness to offer “commercially meaningful access” aligned with the partnership’s objectives. The questionnaire must be completed and submitted before January 1, 2026.

The cabinet has now formally approved the proposal by the Minister of Trade, Commerce, and Food Protection to proceed with the application process and complete the required documentation, marking a critical step toward potential accession to one of the world’s largest free trade agreements.