Home / Front Page/ Indo-Lanka ECTA framework agreement by February

Indo-Lanka ECTA framework agreement by February


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 30 December 2015 00:23


  • Workshops to guide exporters and officials to understand Indian standards and regulations 
  • Trade issues to be resolved parallel tonegotiations, ETCA inking target mid-2016 
  • SL to exclude liberalisation of professions others than ship building and IT

 

 

The latest round of top level discussions between Sri Lanka and India focussed on smoothening regulations and increasing awareness so a framework agreement could be worked out within the next two months, the Development Strategies and International Trade Ministry said in a statement yesterday.   

The 4th Commerce Secretary level meeting between India and Sri Lanka took place last week in Delhi. The new framework called the Economic and Technology Cooperation Agreement (ETCA), that takes the current India-Sri Lanka Free Trade Agreement (ISLFTA) to the next level, was discussed by both parties.  “Our proposed framework envisages exclusion of professional labour liberalisation by Sri Lanka other than in two subsectors, viz., ship builders and IT professionals,” the statement said.

For better market access to the Indian market, the Sri Lankan delegation highlighted a number of issues that local exporters face in the Indian market which the Indian side will address in parallel to the negotiations on the Framework Agreement and the final ETCA. 

The signing of Mutual Recognition Agreements (MRAs) on standards was also discussed. Moreover, the Indian side will organise workshops in Sri Lanka for Sri Lankan exporters/officials to increase awareness of Indian standards, regulations, certificate of origin, and other measures, during January/February 2016. The two sides are striving to work towards signing the Framework Agreement by February 2016 and the ETCA by mid-2016.

India is Sri Lanka’s largest as well as the most balanced trading partner. Overall bilateral trade between the two countries exceeded $ 4.5 billion in 2014. India is the largest source of imports to Sri Lanka and the third largest destination for Sri Lankan exports. It is among the first five largest investors in Sri Lanka and bulk of the Sri Lankan FDI overseas is located in India. 

The ETCA will support  by building on this solid foundation taking into account the asymmetry between the two countries, the ministry said.

“For a small country like Sri Lanka, it is always advantageous to engage in rules-based trading with a larger trading partner like India, and ETCA will provide that framework for deeper economic engagement with India.”


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Writing on the wall

Thursday, 27 February 2020

Quick! Pick between reading this and opting to do something that really makes you happy. I suspect 99% of you would be more fulfilled getting to work half-an-hour earlier, going to market or school sooner than later, or simply goofing off at home or


Geneva: Right cause, wrong tactics

Thursday, 27 February 2020

The Geneva 2015 resolution is a hidden tripwire linked to a maze of claymore mines, some buried, some planted in ditches, others nested in trees. When this article appears, Sri Lanka may have nudged that tripwire. There was another, smarter, safer wa


Let my country awake

Thursday, 27 February 2020

‘Let My Country Awake’ is a poem Rabindranath Tagore wrote in 1910. The original Bengali poem was under the title ‘Chitto Jetha Bhayashunyo’. I do not know Bengali. But I suspect Tagore refers to the mind – Chitto and conquering fear – bh


Economy vs. environment – What you see in the mirror

Wednesday, 26 February 2020

Do we buy organic vegetables? Or are we cost conscious and buy the regular vegetables? Would we rather live in United States or United Kingdom which have higher air pollution levels, or would we live in Myanmar or....


Columnists More