Indo-Lanka trade on growth path

Bilateral trade between Sri Lanka and India during the first four months of this year was $ 1.17 billion, the Department of Commerce data revealed. Trade experts said that trade volume between the two countries will surpass last year's $ 4.087 billion.

In 2008, India allowed a quota of three million pieces of apparel products duty free from Sri Lanka without any restrictions under ISFTA and in April 2013, the quota was increased to eight million pieces.

Discussions on the Comprehensive Economic Partnership Agreement (CEPA) is continuing with policy makers trying to make it a win-win situation for both countries. While some experts say that CEPA will boost trade between the countries, others say that Sri Lanka will be the loser.

Ministry of Industry and Commerce sources said that India is moving in an unprecedented manner to strengthen its trade links with Sri Lanka at Business to Business (B2B) levels.

A 17-member Indian business delegation visited Sri Lanka last week.

Visiting Senior Vice President and the Leader of the Bengal National Chamber of Commerce and Industry (BNCCI), Dibyendu Basu said that the chamber has nominated Sri Lanka as its ‘partner country’ at the forthcoming 26th Industrial India Trade Fair in which more than 12 countries are due to take part.

The ‘Industrial India Trade Fair’ series in Kolkata is the only large-scale international event in North-Eastern India.

“Though we know Sri Lanka well, we believe it is time that Sri Lanka is popularised in Eastern and Far Eastern Asia too," Basu said.

"Your industrial, tourism and ayurveda potential should be made known to the Eastern parts of the world. We invite Sri Lanka to the 2013 ‘Industrial India Trade Fair’ series in Kolkata in December,” he said.

Former President of BNCCI and Chairman of forthcoming 26th Industrial India Trade Fair, Sandip Sen said, “We have experienced Sri Lanka's tourism and its high potential but it is not well known in the Eastern and North-Eastern parts of the subcontinent. Sri Lanka should set up a tourism promotion office in Kolkata.

We also see tourism, power and energy and the gem and jewellery as attractive sectors for us to invest in Sri Lanka.”

“In recent years Sri Lanka has improved vastly,” said the Chairperson of the Tourism Committee of BNCCI, Ms Bani Roy Chowdhury.

“As a tourism industry person I have visited this country several times. Each time I have been impressed by its development,” she said.