COLOMBO: Singapore and Sri Lanka signed a free trade agreement on Tuesday (Jan 23) which will deepen economic ties and facilitates greater trade flows between the two countries.

The Sri Lanka-Singapore Free Trade Agreement (SLSFTA) was signed by Singapore’s Minister for Trade and Industry (Industry) S Iswaran and Sri Lanka’s Minister for Development Strategies and International Trade Malik Samarawickrama.

Prime Minister Lee Hsien Loong and Sri Lankan President Maithripala Sirisena witnessed the signing in Colombo.

With the deal inked, Singapore and Sri Lanka companies will gain greater access to each other’s markets across many sectors, said Singapore’s Ministry of Trade and Industry (MTI) in a news release.