Sri Lanka moves forward with bid to join world’s largest trade bloc, RCEP

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka has taken a key step toward joining the Regional Comprehensive Economic Partnership (RCEP), with the Cabinet of Ministers granting approval to proceed with the accession process by formally responding to a detailed questionnaire issued by the bloc.

According to the post-Cabinet briefing, member states of RCEP are required to eliminate tariffs on 85% to 90% of their tariff lines, a core obligation that Sri Lanka will need to prepare for as part of its application.

Officials noted that securing membership in RCEP would open significant opportunities for the country, allowing Sri Lanka to diversify its export basket, expand market access, and strengthen its role within regional and global supply chains, a key objective of the government’s trade and economic reform agenda.

RCEP, initially formed by ASEAN nations along with China, Japan, South Korea, Australia, and New Zealand, came into force on January 1, 2022, becoming the world’s largest free trade agreement. The agreement was opened for additional members in July 2023, and Sri Lanka formally submitted its letter of intent to join on June 28, 2023.

The RCEP Secretariat issued an initial questionnaire to several prospective members, including Sri Lanka, in October 2024 and 2025. The document is designed to gather essential information to evaluate each applicant’s compliance with the agreement’s rules, as well as their readiness to offer “commercially meaningful access” in line with RCEP’s objectives.

Sri Lanka is required to complete the questionnaire and submit it by January 1, 2026.

The Cabinet approved a proposal by the Minister of Trade, Commerce and Food Security to move forward with the accession process and ensure the timely completion of the questionnaire.

If admitted, Sri Lanka would join a trade bloc that accounts for nearly a third of global GDP, offering access to a vast consumer market and integrated supply-chain networks at a time when the country is seeking to accelerate economic recovery and boost foreign investment.

-ENCL

Editor_1
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