Colombo, Nov 25 (PTI) Sri Lanka has decided to join the Regional Comprehensive Economic Partnership (RCEP), as the Cabinet approved a proposal to complete and submit the initial questionnaire required for joining the pact, a top official said Tuesday.

The RCEP is a free trade agreement (FTA) consisting of 10 ASEAN members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and five of the bloc's dialogue partners - China, Japan, South Korea, Australia and New Zealand.

The Cabinet this week decided to complete and submit the required initial questionnaire, said Nalinda Jayathissa, who is the government spokesman and also a minister.

The RCEP introduced a waiting period of 18 months from the day it came into force on January 1, 2022, for other parties to join the pact. The new countries or separate customs territories could request to join after the waiting period had expired. This waiting period ended on July 1, 2023.   The landmark agreement was signed in November 2020. Together, these RCEP participating countries account for about 30 per cent of the global GDP and 30 per cent of the world population.

Under this agreement, steps must be taken by the parties to fully eliminate tariffs on 85% to 90% of their tariff rates.

Through accession to this agreement, Sri Lanka aims to diversify its exports and markets, as well as strengthen its participation in regional and global supply chains.  In June 2023, Sri Lanka submitted a letter of intent to join the agreement.

An initial questionnaire has now been issued to several countries, including Sri Lanka, to collect basic information to evaluate the applicants' compliance with all the provisions and rules of the agreement. PTI CORR SKS ZH

Joining RCEP requires submitting an accession questionnaire and involves tariff elimination commitments to expand export markets. The government approved completing and submitting the RCEP initial accession questionnaire to allow current parties to evaluate the applicant's compliance with the agreement's provisions; accession entails commitments including elimination of tariffs on roughly 85-90% of tariff lines and is intended to support export diversification and integration into regional supply chains.