China’s Commerce Minister Wang Wentao who co-chaired a joint committee on Economic and Trade Co-operation in Sri Lanka expressed hopes that a free trade agreement between the two countries would be concluded.
“It is hoped that the two sides continue to work toward the conclusion of a comprehensive free trade agreement in one package, in line with the principles of equality, mutual benefit,” Minister Wang told a forum in Colombo where around 100 Chinese businesses also participated.
When President Anura Dissanayake visited China in January and met President Xi Jinping, an “important consensus in the trade and economic context,” was reached, he said without elaborating.
“The Ministry of Commerce of China is ready to work together with Sri Lanka to implement that important consensus and join hands on the way towards shared development and rejuvenation.”
Among other matters, expediting a refinery to be built by China’s Sinopec, which require tax breaks, land and water was discussed.
The mechanism of the joint committee should be used to strengthen economic ties he said.
“We need to use the Joint Committee to enhance exchanges at all levels and in all areas, tap into cooperation potential, and enrich the essence of our cooperation,” he said.
“At the joint committee meeting yesterday, our two sides reached an important agreement are launching a joint research to boost Sri Lankan exports to China.”
He also invited ‘willing and able’ Chinese companies to expand investments in Sri Lanka.