Sri Lanka Prime Minister's office has said the government will expedite the signing process of Economic and Technology Cooperation Agreement with India, local media reported Tuesday.

The decision was made in response to the fallout of Brexit. Local businesses had suggested that speeding up the deal will benefit stability and continuity of the country's economy.

The prospect of Sri Lanka's exports to Britain, which account for some 40 percent of the country's total exports to Europe, became uncertain given the new situation in Europe.

According to the report, a group of Sri Lankan officials will arrive at New Delhi to negotiate with India and fast track the signing of the agreement.

Sri Lanka will also explore the possibility of signing trade agreements with countries such as Bangladesh and Myanmar, according to the report.