ICASL organizes seminar on CEPA

With the objective of raising awareness on the much debated, India-Sri Lanka Comprehensive Economic Partnership Agreement (CEPA), The Institute of Chartered Accountants of Sri Lanka (ICASL) has organized a seminar on CEPA, scheduled to be held on July 27 at Sri Lanka Foundation Institute’s Auditorium from 5.30pm to 7.00pm.

The India-Sri Lanka bilateral trade agreement was signed in 1998 and became operational in 2000. Owing to this agreement, trade between the two countries reached US $2,719 million in 2009, making Sri Lanka the second largest trade partner of India, in the SAARC region.

The scope of the initial agreement limited to trade of commodities between the two countries. To facilitate greater level of investment flows between India and Sri Lanka, a joint study group was formed in 2003 to evaluate the possibility of widening the scope of the agreement. Based on the recommendations made by the joint study group, the agreement was scheduled to be signed during the 15th SAARC Summit held in Sri Lanka, which was then postponed.

During the IIFA Business Forum held in June 2010, President Rajapaksa was presented with a white paper on CEPA by the Federation of Chamber of Commerce of India. Due to concerns raised by various parties, the Government has opted for an extensive stakeholder consultation process prior to formalizing the agreement.

This agreement will lead to greater liberalization of economic activities between the two countries which will have a great influence on Sri Lanka’s economy as well as the corporate.

The institute has invited a panel of high profile speakers to enlighten the participants on this contemporary topic, namely, Commerce Director General Gomin Senadheera, Former Commerce Director General and JAAF Consultant K.J. Weerasinghe, Former Telecommunication Regulatory Commission Director General Prof Rohan Samarajiva and Sri Lanka Medical Association CEPA Sub-committee Member Dr Manuj Weerasinghe.