Budget approval testifies economic stability - Bogollagama

Rohan Mathes reporting from Kampala, Uganda

Foreign Minister Rohitha Bogollagama said that the recent approval of the Budget per se, amply demonstrates and testifies the cogency of the economic stability prevalent in the country.

Minister Bogollagama said so on Friday when he met his counterpart, Indian External Affairs Minister Pranab Mukherjee on the sidelines of the Commonwealth Heads of Government Meeting (CHOGM) in Kampala, in a series of bi-lateral sessions.

Bogollagama briefed and updated Minister Mukherjee on the latest political developments, in particular the All Party Representative Conference (APRC) proposals which are in its final phase and within the threshold of submission to the President, in quest of a permanent and sustainable solution to the ethnic conflict which has persisted for over two decades.

Minister Bogollagama cautioned his Indian counterpart on the bureaucratic impediments which the stakeholders to the conflict would have to confront, pertaining to the proposals, in its nascent stage of implementation.

Referring to the bi-lateral economic partnerships, Minister Pranab Mukherjee told Minister Bogollagama that the Comprehensive Economic Partnership Agreement (CEPA) would be concluded by early 2008, following one more round of negotiations.

CEPA encompasses the services in an array of aspects which are not included in the existing Free Trade Agreement (FTA) between India and Sri Lanka. Given the rapid and consistent economic growth of neighbouring India, Sri Lanka holds a great economic advantage and the potential of tapping India's mega market in Sri Lanka's favour.

The two foreign Ministers also addressed other relevant regional and global issues such as terrorism and the role played by Sri Lanka at the Commonwealth Ministerial Action Group (CMAG) pertaining to Pakistan.

Minister Bogollagama also expressed his gratitude to the Indian government for the assistance and co-operation rendered by them towards Sri Lanka.

The Sri Lankan High Commissioner to Kenya and Uganda M. Keiran with several other high-profile officials of the Foreign Ministry accompanied Minister Bogollagama at these discussions.