Sri Lanka Eyes Entry into World’s Largest Trade Bloc – RCEP

COLOMBO (News 1st); Sri Lanka is accelerating its efforts to join the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement, as the Cabinet of Ministers has approved a proposal to complete and submit the initial questionnaire required for accession.

RCEP, which came into effect on January 1, 2022, brings together 10 ASEAN nations and five major economies—Australia, China, Japan, South Korea, and New Zealand—in a pact that covers nearly 30% of global GDP.

The agreement opened for new members in July 2023, requiring participants to eliminate 85% to 90% of tariffs, strengthen supply chains, and expand market access.

Sri Lanka submitted its letter of intent on June 28, 2023, signaling its ambition to diversify exports and integrate into regional and global value chains. On October 24, 2025, Sri Lanka received an initial questionnaire from RCEP members to assess compliance with the agreement’s provisions and readiness to provide commercially meaningful access.

The deadline for submission is January 25, 2026.