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| Wednesday, 22 October 2003 |
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SINGAPORE - Singapore and Sri Lanka ended inaugural discussions for a comprehensive economic partnership yesterday, their trade and commerce ministries said in a joint statement. The two-day talks, held in Colombo, came after the both governments agreed in August to launch negotiations for a bilateral free trade agreement (FTA). "Both sides agreed that CEPASS (Comprehensive Economic Partnership Agreement between Sri Lanka and Singapore) will bring bilateral relations ... to greater heights," the statement said. "It will benefit the two economies by enhancing bilateral trade and investment, spurring economic reform, and contribute to the economic integration of the South Asia and Southeast Asian regions." The governments said the proposed pact would "substantially liberalise trade in goods and services, including elimination of tariff and non-tariff barriers, promote and protect bilateral investments, as well as include other cooperation initiatives." The next meeting is scheduled to be held in Singapore in January. In the first six months of this year, bilateral trade totaled US $ 289 million, up 18 per cent from a year ago. Sri Lanka is Singapore's 46th largest trading partner, while Singapore is Sri Lanka's 5th largest trading partner. Top trade items include refined petroleum, electrical and information technology products, seafood and perfume. Singapore, a top proponent for regional and bilateral FTAs, is currently in negotiations with Sri Lanka's neighbour, India, for a comprehensive economic partnership. - AFP |
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