FAPCCI, FCCISL sign MOU

There is immense potential left to further expand bilateral trade between India and Sri Lanka and since the signing of the Indo-Sri Lanka Free

Trade Agreement in March 2000 trade has grown rapidly between the two countries, said Secretary General/CEO, Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) Samantha B Abeywickrama at the occasion of signing the Memorandum of Understanding between the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) and FCCISL.

FAPCCI and FCCISL signed a Memorandum of Understanding (MoU) to foster friendship and to promote trade, investment, social, economic, human resource development, technical and scientific cooperation, friendship and other spheres of economic activity.

Abeywickrama said negotiations on India and Sri Lanka Comprehensive

Economic Partnership Agreement (CEPA) is now ready to be signed and thus it would facilitate the inclusion of investment and services in addition to deepening commitments embodied in the Indo-Sri Lanka Free Trade Agreement signed in 2000. He said FCCISL, is a one stop shop for investments in Sri Lanka and invited Indian entrepreneurs to visit Sri Lanka to explore the opportunities.

President, FAPCCI Shri Suraj Prasad Agrawal said the early conclusion of CEPA will have an added impetus to the ongoing Indo-Sri Lankan economic partnership.

The FTA has accelerated the development of economic cooperation and with growing mutual trade, a bilateral trade of US $ five billion is envisaged to be achieved by 2010.

He said to boost SME in Sri Lanka, India has extended three Lines of Credit for exclusive procurement of goods and services from India to enhance the purchasing power of Sri Lanka.

The signing of the MOU took place in Andra Pradesh Chamber head office and the signatories for the MOU were President, FAPCCI Shri Suraj Prasad Agarwal and Secretary General/CEO, FCCISL Samantha B Abeywickrama.