Sri Lanka, Feb. 22 -- Sri Lanka will take a bold step towards deeper economic integration, aiming to join the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade area. President Ranil Wickremesinghe's intention to apply for the RCEP trade bloc membership will be an important milestone in Sri Lanka's roadmap to rebuild the country's crisis-hit economy. RCEP, known as the world's largest free trade pact, encompasses 15 Asia-Pacific countries covering about 30% of the world's gross domestic product and population. It includes China and Japan but not the US.

RCEP entered into force on January 1, 2022 for ten original parties: Australia, Brunei Darussalam, Cambodia, China, Japan, Laos, New Zealand, Singapore, Th...