Jan 15, Colombo: Minister of Industry and Commerce Rishad Bathiyutheen says Sri Lanka and India are expected to hold bilateral discussions regarding both the Free Trade Agreement and the proposed Comprehensive Economic Partnership Agreement (CEPA) later this year, when the Indian delegation is expected to visit Sri Lanka to attend the EXPO 2012.
Expo 2012, the mega export show is to be held in March 2012 in Colombo.
Delivering the inaugural address at the 18th Hyderabad Partnership Summit 2012, which was held from January 12-14 with the participation of ministerial delegations from 47 countries, the Minister stated that trade under the Indo-Lanka FTA will reach the figure of US$ 4 billion very soon.
Trade between Sri Lanka and India since the signing of the Free Trade Agreement between the two nations in 1998 have grown from US$ 650 million in year 2000 to over US$ 3 billion by 2010, the Minister said.
The Minister has expressed hope that both countries can play a major role in elevating the Indo-Sri Lanka economic relations from the current level to much higher level.
During bilateral discussions with the Indian Minister of Commerce and Industry Anand Sharma, Minister Bathiyutheen has officially extended an invitation to India to attend the Expo 2012, the mega trade show to be held in March in Colombo, after a lapse of 15 years.
Minister Sharma has accepted the invitation and indicated that he himself may likely to lead the high level Indian business and official delegation to Sri Lanka Expo 2012.
Despite the many benefits pointed out by Sri Lankan business establishments, Sri Lanka has not yet agreed to sign the Comprehensive Economic Partnership Agreement (CEPA) between India and Sri Lanka due to the concerns raised by some groups in the country.
The Indian government has continued to highlight the success of the Free Trade Agreement between India and Sri Lanka that was signed in 1998 as an indicator of how the CEPA would benefit Sri Lanka.
Source : colombopage.com