Sri Lankan minister to discuss resumption of talks on ETCA between Sri Lanka and India with Indian counterparts
Sri Lanka’s Development Strategies and International Trade Minister Malik Samarawickrama is reportedly looking at holding ministerial-level discussions with Indian counterparts on the resumption of negotiations on the proposed Economic and Technology Co-operation Agreement (ETCA) between Sri Lanka and India during his visit to India this week.
Samarawickrama was scheduled to fly to India on Tuesday (6) to attend an Investment Forum in Gujarat, India, which is being organised by Sri Lanka’s High Commission in New Delhi.
While noting that the ETCA negations with India have reached advanced stages, Samarawickrama has told Mirror Business that he plans to hold talks with the Indian government to resume negotiations on the proposed trade pact.
Meanwhile, Sri Lanka’s Development Strategies and International Trade Ministry Secretary S.T. Kodikara has reportedly said that the government of Sri Lanka has already informed the Indian government, through the Indian High Commission in Colombo, that Sri Lanka is ready to resume the ETCA negotiations.
The previous team of negotiators led by former Chief FTA Negotiator K.J. Weerasinghe had completed 11 rounds of negotiations on the ETCA with the Indian counterparts and had made a notable progress in negotiating the obstacles the Sri Lankan exporters face in accessing the Indian market, including non-tariff barriers.
However, the resignation of Weerasinghe and controversy over the Sri Lanka-Singapore FTA resulted in the Sri Lankan the government appointing a new FTA negotiating team led by Commerce Department Director General Sonali Wijeratne.
The resumption of negotiations was further delayed due to the Indian general elections, which were held in May.
OSL take:
Sri Lanka and India enjoy strong bilateral and trade ties. The two countries already have a functional free trade agreement and the proposed ETCA between Sri Lanka and India is expected to further boost ties between the two countries. There are many Indian investments as well as business partnerships in Sri Lanka. Therefore foreign businesses/investors looking at doing business with India could explore the possibility of setting up base in Sri Lanka. Also, Indian businesses/investors could look at more opportunities in Sri Lanka given the preferential treatment given to Indians in Sri Lanka.
| Article Code : | VBS/AT/07082019/Z_6 |