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IORARC Ministers' Council meeting : 

Lanka proposes preferential trade agreement aimed at tariff reductions

by Rajmi Manatunga

A Preferential Trade Agreement (PTA) aimed at achieving remarkable tariff reductions in trade around the Indian Ocean is to be concluded shortly between 18 states of the Asia Pacific region including Sri Lanka.

"The Agreement which is a proposal by Sri Lanka to the Indian Ocean Rim Association for Regional Cooperation (IORARC), a regional economic and trading group of Indian Ocean littoral and island states, is currently being studied for implementation and will be completed expeditiously," Foreign Minister Tyronne Fernando said.The Minister was addressing the fourth IORARC Ministers' Council meetings being held in Colombo.

Foreign Minister Tyronne Fernando addressing the meeting yesterday. Picture by S. Chitrananda.

Foreign Ministers from 18 countries including Australia, Bangladesh, South Africa, India, Indonesia and Thailand are attending the meetings.

"Although trade liberalisation is one of the central elements on the IORARC agenda, the process of tariff reductions based on the voluntary action principle embodied in the concept of open regionalism has been slow. "It is in this context that Sri Lanka proposed concluding a PTA to achieve tangible results in the short and medium term," Fernando said.

Foreign Minister Tyronne Fernando payed a special tribute to former Foreign Minister Lakshman Kadirgamar who in his capacity as Foreign Minister gave IORARC the required impetus to launch the work programme.

The task of preparing a feasibility study on the proposed PTA has been entrusted to the Core Group of the Association.Sri Lanka is hosting this year's meetings of the IORARC, an Association with the objective to remove impediments to trade and investment within the region and the promotion of trade liberalisation.

"We have clearly identified projects in which we have interests and complementary perspectives.

"In the maritime field, there are prospects of establishing a Shipper's Council while other priorities include cooperation in fisheries and aqua-culture development," the Minister said.

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