Australia backs Sri Lanka’s bid to join world’s largest RCEP trade bloc

This is a developing story brought to you by Aus News Lanka, your trusted source for news for Sri Lankans in Australia and beyond.

Australia has expressed support for Sri Lanka’s potential bid to join the Regional Comprehensive Economic Partnership (RCEP), the world’s largest free trade agreement covering 15 countries and around 30% of global GDP and population.

Speaking at a forum hosted by the Pathfinder Foundation, Australian High Commissioner Matthew Duckworth said Australia is ready to assist Sri Lanka through training and capacity-building support to help meet RCEP requirements.

RCEP, signed in November 2020, includes 10 ASEAN nations along with China, Japan, South Korea, Australia and New Zealand.

Duckworth said Australia welcomes Sri Lanka’s interest in joining the pact and does not see any conflict between Sri Lanka becoming an RCEP member and maintaining strong trade ties with India.

He noted that Australia is both a member of RCEP and has a separate trade agreement with India, with talks underway to deepen that partnership. While India chose not to join RCEP, Australia would support its participation in the future if it decides to do so.

Highlighting practical trade opportunities, Duckworth pointed to the example of Australian lentils exported to Sri Lanka for processing and re-export. The model benefits both countries — Australia supplies the raw product, while Sri Lanka adds value through processing, packaging and regional exports.

He added that Sri Lanka’s strategic location and the Port of Colombo — ranked among the top 20 ports globally — position the country well to attract further trade and investment under broader regional agreements.

More updates to come on AusNewsLanka.