Indo Lanka bilateral trade set to grow
Union Minister of Commerce and Industry, Shri Kamal Nath has
expressed hope that the outstanding issues relating to the
operationalisation of TRQ of vanaspati including bakery shortening and
margarine and import of marble and copper from Sri Lanka to India would
be negotiated soon to further increase the Indo-Sri Lankan bilateral
trade.
Observing that the bilateral trade has increased from US $ 1497
million in 2004-05 to US $ 2590 million in 2005-06 and has been valued
at US $ 2462.28 million in 2006-07, Kamal Nath hoped that the increase
in the coming years would be substantial.
This was stated by the Indian Commerce Minister when Minister of
Enterprise Development and Investment Promotion Dr. Sarath Amunugama
called on him recently. India is the dominant partner in the bilateral
economic relations with Sri Lanka, as almost 15% - 20% of total Sri
Lankan imports are accounted for by India. With an investment of US $
400-500 million in FDI, India is also amongst the fourth largest
investor in Sri Lanka.
During the ongoing negotiations, India has already agreed to prove
Sri Lankan garment industry a TRQ of 3 million pieces of garments
without any condition of sourcing of fabrics and port restrictions.
Cooperation between the two countries include bilateral cooperation
agreement (MOU) on product, quality, certification and testing that has
been signed between Sri Lankan Standards Institute and Bureau of Indian
Standards.
This is expected to benefit both the countries in areas related to
standardization, quality and certification of products. |