UK-India FTA lesson for Sri Lanka’s trade future says ILCCI

Friday, 1 August 2025 00:06 - - {{hitsCtrl.values.hits}}

The Indo-Lanka Chamber of Commerce and Industry (ILCCI) yesterday in a statement said the UK’s evolving trade and investment partnership with India offers a clear and timely lesson for Sri Lanka.

It said the signing of the UK-India Free Trade Agreement (FTA) is set to deliver significant benefits that stem from strategic alignment, speed of execution, and long-term economic vision.

The agreement is expected to boost the British economy by £ 4.8 billion a year, facilitate the expansion of Indian companies into the British market, and open up new business opportunities for UK firms in India.

“This is a powerful example of what can be achieved through a well-structured bilateral agreement. Sri Lanka is far better positioned geographically than the UK to engage with India. We share close cultural, historical, and economic ties, and India remains our largest trading partner,” the Chamber said.

It also said the Economic and Technology Cooperation Agreement (ETCA) between Sri Lanka and India offers a path to achieving projected benefits similar to those that the UK enjoys. It would secure preferential access to Indian markets, attract Indian investment into various sectors of our economy, and enhance our participation in regional value chains. The agreement could support job creation, improve competitiveness, and contribute significantly to our post-crisis economic recovery.

“India is not just a strategic partner – it is our immediate neighbour and one of the world’s fastest-growing economies. As nations like the UK begin to see tangible benefits from deeper engagement with India through instruments such as FTAs, the ILCCI firmly encourages Sri Lanka to chart a similar course,” the statement added.

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