10 January 2012
Indo Lanka Trade Up by 72pct. Free Trade Agreement (FTA) Covers only 30pct of the Trade
10th January 2012, www.dailymirror.lk, By Kelum Bandara
The volume of bilateral trade between Sri Lanka and India during the first eleven months of last year had reached US$4.46 billion, an increase of 71.94 per cent when compared with the corresponding period of the previous year, an official said yesterday quoting Sri Lanka Customs data.
But of this India’s exports to Sri Lanka amounted to US$3.97 billion. During this period, Sri Lanka’s exports had grown by 15 per cent while India’s exports had grown by 85 per cent.
He said 70 per cent of trade between the two countries took place outside the Free Trade Agreement (FTA).
“This means that this percentage takes place outside the duty-free tariff regime. Sri Lanka imports numerous items from India because it is competitive,” the official said.
Meanwhile, Commerce and Industries Minister Rishad Bathiudeen will attend the Partnership Summit in Hyderabad from January 11 to 13. On the sidelines of the summit, the minister is expected to interact with his Indian counterpart and hold bilateral talks trade between the two countries.
Indo-Lanka talks continue to be held from time to time on the Comprehensive Economic Partnership Agreement (CEPA) which is still to be signed.
Related Info :
• Indo-Sri Lanka FTA (ISFTA) - Detailed Information - The Board of Investment of Sri Lanka (BOI)
• Sri Lanka to Renegotiate CEPA, Comprehensive Economic Partnership Agreement with India