CEPA: NCCSL concerned over implication to economy

The National Chamber of Commerce of Sri Lanka (NCCSL), one of the pioneering Chambers in the country, counting over 65 years of service to the business community, having a membership of over 630 corporates and over 1,500 Small and Medium Enterprises is seriously concerned over the proposed signing of the CEPA (Comprehensive Economic Partnership Agreement) with India, according to a media release from the Chamber.

The FTA signed between Sri Lanka and India which was operational from 2000 had only minimal benefits for Sri Lanka and has yet to be improved. The business community strongly believes that the FTA signed between Sri Lanka and India should be implemented in full before entering into other agreements such as CEPA.

Although the FTA is a well accepted document, Sri Lanka signed it in a hurry and there are many non-tariff barriers imposed in India, discouraging exports from Sri Lanka.

CEPA has been a cause for concern among various factions in civil society including business entrepreneurs, industrialists and economists. regards the implications involved, advantages and disadvantages and most of all how it will affect the economy, business and industries in Sri Lanka.

The National Chamber of Commerce strongly urges the authorities to make a careful study with the involvement of all the business Chambers which represent the business community, before arriving at a final decision to sign the CEPA agreement.