Sri Lankan authorities reviewing Economic and Technology Cooperation Agreement with India
The proposals and findings that have been produced during negotiations of the Economic and Technology Cooperation Agreement (ETCA) with India are currently being reviewed by Sri Lanka’s Department of Commerce, with its report expected to be submitted by mid-March, the local media has reported.
The Sunday Morning Business has noted that 11 rounds of negotiations have been concluded in the proposed agreement between India and Sri Lanka, of which the last round took place in October, 2018.
Based on the report of Sri Lanka’s Department of Commerce, Sri Lanka’s Ministry of Development Strategies and International Trade (MoDSIT) will decide whether to resume to the next round of negotiations or to make further amendments to what has been negotiated thus far.
Speaking to The Sunday Morning Business, Secretary to the MoDSIT S.T. Kodikara has noted that not only the report of the ETCA negotiation, but also the report of Thailand-Sri Lanka Free Trade Agreement (FTA) negotiation has been submitted to the Department of Commerce as well as the Cabinet of Ministers.
“We have submitted these reports to the Cabinet as well. However, that was just for their information”, he has said.
He has also highlighted that even though negotiations for agreements are in progress, Sri Lanka will neither ink any agreement nor terminate them before thoroughly studying the benefits rendered by those agreements to the country.
OSL take:
Sri Lanka and India already enjoy a free trade agreement (FTA) and once finalized the ETCA with India would result in further enhancement of bilateral and trade ties between India and Sri Lanka. Therefore, foreign businesses/investors looking at doing business with India could explore the possibility of setting up base in Sri Lanka for the purpose.
| Article Code : | VBS/AT/26022019/Z_4 |