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Iraq war: Indian oil for Lanka

The Indian government has promised to hold a stock of oil for Sri Lanka during a possible outbreak of war in the Gulf region.

Prime Minister Ranil Wickremesinghe has been assured by Indian Premier Atal Behari Vajpayee of a continuous supply of oil at a reasonable rate if the United States declares war on Iraq.

"The Sri Lankan government greatly appreciates the steps taken by India to hold sufficient oil and make it available to us at a time of war," Cabinet Spokesman Prof G.L Peiris said. The Free Trade Agreement (FTA) between Sri Lanka and India has recorded a significant increase of 48 per cent in total bilateral trade in 2002. The trade balance has also moved in favour of Sri Lanka from 15:1 in 1998 to 4.9:1 in 2002.

Prof Peiris said the government was satisfied with the current FTA and hoped to go beyond to include services as well. (MF-RM)

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