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Singapore and Sri Lanka signed a free trade agreement on 23 January 2018. The Sri Lanka-Singapore Free Trade Agreement will strengthen economic ties and facilitate greater trade flow between the two countries. Among other benefits, Singapore companies will enjoy potential tariff savings of up to S$10 million each year.

The Sri Lanka-Singapore Free Trade Agreement is Sri Lanka’s first modern and comprehensive free trade agreement, making Singapore an early and supportive partner of Sri Lanka’s economic liberalisation plans and development.