ECONOMYNEXT – Sri Lanka’s cabinet of ministers has given the go ahead to take forward the process to be a member of the Regional Comprehensive Economic Partnership (RCEP) by responding to a questionnaire sent by the grouping.
“Under this agreement, steps must be taken by the parties to fully eliminate tariffs on 85 percent to 90 percent of their tariff rates,” post-cabinet statement said.
“Through accession to this agreement, Sri Lanka will be able to diversify its exports and markets, as well as strengthen its participation in regional and global supply chains.”
The RCEP with initial membership of the ASEAN region and give other nations, went into effect on January 01, 2022.
The group was opened for other countries on July 2023. Sri Lanka has submitted a letter of intent to join the grouping on June 28, 2023.
An initial questionnaire has been issued to several countries , including Sri Lanka, on October 2024, 2025.
The document aims “to collect basic information to evaluate the applicants’ compliance with all of the provisions and rules stipulated in the agreement and their willingness to provide commercially meaningful access in line with the objectives of the agreement,” the statement said.
The questionnaire must be completed before January 01, 2026.
The cabint had approved a proposal by the Minister of Trade, Commercial, Food Protection, for Sri Lanka’s participation in the Regional Comprehensive Economic Partnership (RCEP) and for the completion and submission of the initial questionnaire. (Colombo/Nov26/2025)