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| Sunday, 2 October 2005 |
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India, Lanka trade hits $ 1,732 million in 2004 by D.A. Wijewardena India and Sri Lanka have a five-year old Free Trade Agreement (FTA) which has seen bilateral trade increasing from 1 billion US dollars in 2002 to 1,732 million US dollars in 2004 with Indian exports amounting to 1,350 million US dollars and Sri Lankan exports amounting to 382 million US dollars, said Indian High Commissioner to Sri Lanka Nirupama Rao. She was addressing a seminar on "Comprehensive Economic Partnership Agreement (CEPA) for Greater Bilateral Economic Interaction between India and Sri Lanka" at the Hotel Taj Samudra last week. Nirupama Rao said that the Indian economy had been on a steady growth and the range and rate of growth would be impressive in the coming years. She said progress of growth was not confined to a few sectors,but had encompassed diverse sectors such as IT, biotechnology, pharmaceuticals, automotives and textiles as well. She said that there was a natural compatibility between India's capabilities and Sri Lanka's needs. She said that she believed that CEPA would carry forward the FTA and take the two economies beyond trading of goods towards greater integration and impart a renewed impetus and synergy in economic integration. Past President CII and Chairman WS Industries V. Srinivasan said that the Made in India shows had been conducted with the objective of promoting India as a producer of high quality goods, services and technology. The objectives of CEPA could be achieved by encouraging joint promotion, facilitating short-term visas for bonafide third country tourists, considering cross listing of Indian companies on the Colombo Stock Exchange and Sri Lankan companies on the India Stock Exchanges and finally Sri Lankan investors interested in FDI and portfolio investment in India to be treated on par with international investors. Ceylon Chamber of Commerce Chairman Deva Rodrigo said that the trade gap between India and Sri Lanka had narrowed down after the FTA and with CEPA in place it would be narrowed further. He said CEPA would bring about changes to the statute to allow the transfer of professionals which would enable competitiveness and added that there should be sector specific promotions with special focus on tourism, banking and insurance. Secretary, Tourism Ministry P. Ramanujam said that the implementation of CEPA was extremely important for both countries as trade between India and Sri Lanka had improved significantly despite intra trade between SAARC countries being small. He also said that positive steps should be taken for better bilateral ties and the Made in India show was a good initiative. CCC Past Chairman Mano Selvanathan said that Sri Lanka had been resilient and had been showing a 5.2 per cent growth rate as Sri Lanka's strength lay in its open market. He welcomed the idea of Sri Lanka being treated by India as a friendly neighbour and suggested that better privileges and freedom of choice to work in India for Sri Lankans should be allowed. |
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