<h1>Cabinet clears next step for Sri Lanka's accession to RCEP, moving toward major tariff cuts and export growth</h1> Sri Lanka's Cabinet has approved proceeding with accession to the Regional Comprehensive Economic Partnership (RCEP) by completing and submitting the initial accession questionnaire. RCEP, a free trade agreement among ASEAN states and five dialogue partners, permits new members to apply after an 18-month waiting period that expired on July 1, 2023. Sri Lanka previously submitted a letter of intent in June 2023 and is now among applicants asked to provide information to assess compliance with RCEP rules. Accession would legally commit Sri Lanka to phased elimination of tariffs on approximately 85-90% of tariff lines, with the stated objective of diversifying exports, expanding markets, and deepening integration into regional and global supply chains.