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| Monday, 23 August 2004 |
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Move to enhance bilateral trade: Extending Indo-Lanka Free Trade Agreement into CEPA mulled by Sudarshana Perera Sri Lanka and India are deliberating to extend Indo-Lanka Free Trade Agreement in to a "Comprehensive Economic Partnership Agreement" (CEPA) soon to further enhance bi-lateral trade between two countries. The officials of the two commerce ministries who met in Colombo recently have agreed in principle to kick-start the CEPA. The Indian delegation was led by Secretary to Indian Commerce Ministry, S. N. Menon and Sri Lankan team was led by Secretary to Ministry of Trade, Commerce and Consumer Affairs, S. Wirithamulla. The agreement will surpass the prevalent FTA in to a broad trade relationship in exchange of goods, services, infrastructure projects, investments and other vital sectors. The present FTA based on goods has compelled both countries to look for new vistas in extending into services and other sectors as trade ties between Sri Lanka and India has been gaining momentum during the last few years. The Secretary to Ministry of Trade, Commerce and Consumer Affairs S. Wirithamulla told the Daily News that the discussion in this regard would be held on the report of the Joint Study Group and final liberalisation would be done on WTO commitments on service sectors of both countries. "The meeting with Indian delegation was focussed on relaxation of existing rigid rules of origin, customs cooperation and reciprocal recognition of standards which would contribute to smooth flow of exports to India under the ISFTA. The problem faced by the Sri Lankan exporters at Sri Lanka Trade Centre in Chennai was also taken up for discussion. Other areas, discussed were issue of business visas, sales tax imposed by the Tamil Nadu Government on imports and surge in import of Indian Cement", Wirithamulla said. Deputy High Commissioner for India in Sri Lanka, Mohan Kumar said that proposed CEPA would help to expedite Sri Lanka's role as the gateway to India and Sri Lanka would experience new horizons in its economy. India also has expressed concerns over the substantial increase in export of copper products from Sri Lanka under ISFTA. The Sri Lankan side has also presented a detailed proposal for improved market access for Sri Lankan apparel and tea in the Indian market. |
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