|
|
|
 |
 |
 |
| Monday, 19 July 2004 |
 |
|
 |
News | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
Bharatha Malawaraarachchi reporting from New Delhi A high powered Indian delegation will visit Sri Lanka next month to review and expand the Free Trade Agreement (FTA) between Sri Lanka and India. The delegation led by Secretary of Commerce will lay special focus on the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, says Sri Lankan High Commissioner in India Mangala Moonasinghe adding that this would strengthen the bilateral economic and social relations between the two countries. The Indian delegation will be in Colombo from August 16 to 18. In an interview with the Daily News, Moonasinghe said the current visit by Prime Minister Mahinda Rajapakse to India would bolster the long standing relations between the two countries. Referring to the FTA, Moonasinghe said it was now more favourable to Sri Lanka. "Before the FTA, the balance of trade between India and Sri Lanka was 1 : 16 and now it has come down to 1: 4.5." Pre-FTA, India was exporting goods to the value of US$ 500 million. Sri Lanka's exports to India amounted to US$ 37 million. After the agreement, exports from Sri Lanka reached to US$ 241 million. India's exports too had risen to US$ 1,076 million. "We have gained a lot from this agreement," added Moonasinghe explaining this has also helped to attract more foreign investment to Sri Lanka, which is considered the gateway to South Asia. Meanwhile, discussions are now underway between Sri Lanka and India to commence a ferry service between Colombo and Kochin. High Commissioner Moonasinghe said yesterday that a Memorandum of Understanding would be signed shortly between the two countries in this respect. Earlier, this ferry service was to be commenced between Colombo and Tuticorin in state of Tamil Nadu. "Now it is most likely to be between Colombo and Kochin in Kerala." Two Indian private airlines are already flying to Colombo in addition to SriLankan and Indian airlines. They are also expanding their operations. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
