Thailand Prime Minister Srettha Thavisin (third left) gestures upon his arrival at the Bandaranaike International Airport in Katunayake on Feb 3, 2024. (PHOTO / AFP)

COLOMBO - Sri Lanka and Thailand signed a free trade agreement on Saturday, the President's Media Division announced.

The deal was signed in the presence of Prime Minister of Thailand Srettha Thavisin and Sri Lankan President Ranil Wickremesinghe.

Srettha arrived in Sri Lanka on Saturday for a two-day visit, and he was accompanied by a high-level delegation. Srettha is scheduled to attend events to celebrate the 76th anniversary of Independence Day of Sri Lanka as guest of honor.

The free trade agreement is expected to bolster trade and investment ties between the two nations, and also promote deeper integration with Asian economies, the media division said.

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Negotiations for the free trade agreement between Sri Lanka and Thailand resumed in 2023 after being put on hold for a few years due to the COVID-19 pandemic, local media reported.