Singapore and Sri Lanka FTA Annex 2A – Tariff Elimination. Available at of Customs Duties-General notes.pdf. In the meantime, Sri Lanka will remove tariffs on 80% of goods over a 15-year period under the agreement, which is a relatively long period of adjustment. The free trade agreement is likely to benefit Sri Lanka through cheaper consumer goods and inputs, foreign direct investment (FDI) and competition. But the two countries should look at a number of crucial areas in order to maximize the benefits for Sri Lanka. 11 Ministry of Development Strategies and International Trade Sri Lanka. (2016). Free Trade Agreement between the Democratic Socialist Republic of Sri Lanka and the Republic of Singapore.