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‘Trust vital to make ETCA work’

India to set up committees to discuss issues :

India is excited and looks forward to signing the Economic and Technology Cooperation Agreement (ETCA) agreement with Sri Lanka which could benefit enormously from a large market, Indian Commerce Minister Nirmala Sitharaman told the media at the conclusion of a two-day visit to Sri Lanka last week. She said relations between the two countries have always been strong, conducive and full of mutual trust. The ETCA will open up immense opportunities for both countries which has vast potential for trade and investments.

However, there are certain issues to be sorted out during the negotiations. I will set up committees to take up the issues discussed in Sri Lanka during my visit and address the concerns of various sectors. “It is vital to recognize that negotiations have to be done without any pressure on timelines. It should be done with a lot of trust and both sides must be at ease. India recognizes the importance of the agreement while taking into consideration views of all stakeholders,” Sitharaman said.

She said there is absolutely no compulsion on timelines. Negotiations have to be done taking every aspect and everyone on board. Agreements of this nature should stand a duration of time and has to be done with great responsibility and understanding.

When asked when would the agreement be finalized, Minister of Development Strategies and International Trade Malik Samarawickrama said, “Our intention is to finalize it as soon as possible before December this year but if it needs time we will not rush.

“India is a huge market with a population of around 1.2 billion. There are immense opportunities for Sri Lanka to explore under the agreement. However all concerns will be looked into in the negotiations.” the minister said.

He said discussions were held with all business chambers, professionals and various institutions and their views have been taken into consideration. “We will conduct discussion in a transparent manner.”

With regard to non tariff barriers the Indian Commerce Minister said India is not building barriers on non tariff barriers with Sri Lanka. “I invite all those who are concerned with non tariff barriers to come to India and raise the issues and sort them out. India will set up separate teams to discuss issues be it on standards or ports of imports.”

With regard to a question on Sri Lanka losing out to a large work force such as India, she said Sri Lanka will gain from a large market as India. “On anti dumping she said Sri Lanka is not a place for India to dump its goods. The World Trade Organization has procedures laid down on anti dumping. Sri Lanka will take steps to prevent anti dumping by exporting countries.”

Responding to a question posed by a journalist on Sri Lanka not gaining much from the existing FTA with India, the Indian Minister said; “While around 60 percent of the exports from India are outside the FTA, a majority of Sri Lanka’s exports benefited from the trade agreement.”

Trade between India and Sri Lanka edged close to the US$5 billion mark in 2015 and in the same year, bilateral trade was at US $4.91 billion up by seven percent from US $4.6 billion in 2014. Exports from Sri Lanka to India in 2015 were at US$ 643.03 million while imports from India was at $ 4273.30 million. Year on Year Sri Lanka’s exports to India recorded a 3% increase in 2015 while YoY imports to Sri Lanka surged by 7% from 2014.

Sri Lanka’s major export items to India are pepper, various nuts (11%), food industry wastes for animal food, ships and boats and Apparel while petroleum, motorcycles, cotton and motor cars. The balance of trade between India and Sri Lanka is in favor of India.

 

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