When it comes to international trade, bilateral trade agreements play a critical role. These agreements are arrangements between two countries that outline the terms of trade between them. Sri Lanka has entered into several bilateral trade agreements in recent years, opening up new markets and boosting its economy.

One of these agreements is the Sri Lanka-Singapore Free Trade Agreement (SLSFTA), which came into effect in May 2018. The SLSFTA builds on the existing close bilateral relationship between Sri Lanka and Singapore and aims to deepen economic cooperation between the two countries. The agreement covers a wide range of areas, including trade in goods and services, investment, and intellectual property.

Another significant trade agreement for Sri Lanka is the Asia-Pacific Trade Agreement (APTA), which was signed in 1975. APTA is a preferential trade agreement between six countries in the Asia-Pacific region, including China, South Korea, and India. Sri Lanka joined APTA in 2005 and has since been able to increase its exports to other member countries.

Sri Lanka also has a bilateral investment treaty with the United States, which provides important protections for American investors operating in Sri Lanka. The treaty covers a wide range of industries, including agriculture, telecommunications, and tourism.

These bilateral trade agreements have been instrumental in boosting Sri Lanka`s economy by opening up new markets for its exports and attracting foreign investment. They have also helped to foster closer relationships between Sri Lanka and its trading partners, creating new opportunities for cooperation and collaboration.

In conclusion, bilateral trade agreements are a critical component of international trade, and Sri Lanka has been successful in entering into several such agreements in recent years. These agreements have played an essential role in driving economic growth and strengthening Sri Lanka`s position in the global marketplace. As the country continues to expand its exports and attract foreign investment, bilateral trade agreements will undoubtedly play a vital role in its future success.