The first ever international Free Trade Agreement entered by Sri Lanka has boosted its exports to its partnering country by no less than 16 times-and overall trade volumes grew by eight fold.
Bangladesh says it is ready to start discussions with Sri Lanka to strike a Free Trade Agreement between the two nations to improve two way trade, announced the Island’s Ministry of Industry and Commerce.
Amidst continuing opposition from professionals and businessmen to the Comprehensive Economic Partnership Agreement (CEPA) with India, the Sri Lankan government is now shifting gears to strengthening the Indo-Lanka Free Trade Agreement (FTA), a top government official said.
The development assumes importance as Sri Lanka did not show positive response to India’s offer to expand FTA between two countries to Comprehensive Economic Partnership Agreement
Sri Lanka has apparently informed Indian authorities it was not keen on having a Comprehensive Economic Partnership Agreement (CEPA) with India, as it feared granting more Indian access to its markets would destroy that country’s domestic industry. However, it has made its own set of fresh demands to consider under the Free Trade Agreement (FTA), which is under operation since March 2000.
Sri Lanka and Israel have held their first bilateral consultation on enhancing trade ties, authorities said.
The calls to boycott American goods and services in the wake of the recent resolution at the United Nations Commission on Human Rights (UNCHR) have highlighted the fact that Sri Lanka’s export trade is heavily dependent on a narrow slew of countries.
The companies from Sri Lanka are seeking for Azerbaijani partners for export development to Azerbaijan, a news report said. Economic Development Ministry of Azerbaijan reports that Sri Lankan companies are ready to supply fruits, spices, fabric and paints to the country.
India and Sri Lanka are keen to resume talks on the Indo- Sri Lanka Free Trade Agreement (ISFTA) and Comprehensive Economic Partnership Agreement (CEPA) in March, said Ministry of Trade and Commerce sources.
Sri Lanka is expected to delay the decision to sign a comprehensive trade agreement with India that would encourage bilateral trade, a top government official said on Tuesday.
Sri Lanka has agreed to import its entire basmati rice quota of 6,000 tonnes from Pakistan under the Free Trade Agreement (FTA) through the private sector from 2012.
Pakistan and Sri Lanka on Tuesday agreed to hold negotiations for reviewing the six-year-old free trade agreement (FTA) which has become an obstacle instead of becoming a tool for liberalisation.
At the conclusion of the 10th session of Pakistan-Sri Lanka Joint Economic Commission on Tuesday the two countries have agreed hold Free Trade Agreement (FTA) review meeting and Comprehensive Economic Partnership Agreement (CEPA) negotiations in August 2011 in Colombo.
’Moving forward’ on a Comprehensive Economic Partnership Agreement (CEPA) between Sri Lanka and Pakistan which also goes beyond only trade in goods outlined in the existing bilateral Free Trade Agreement (FTA), into services and investment promotion, will boost trade between both countries, according to Seema Ilahi Baloch, High Commissioner for Pakistan in Sri Lanka.
A spokesman for the anti-CEPA group, Managing Director Multichemi Group Samantha Kumarasinghe said that CEPA is bound to cause serious harm to Sri Lanka. According to him the Indian authorities have consulted around 1000 Indian economists on CEPA. But in Sri Lanka’s case it was the opposite, he alleged.
Given the strong economic, political and cultural ties shared by the two countries an FTA to further bolster bilateral trade had been a topic during a meeting between Japanese Ambassador Kunio Takahashi and Minister of Industry and Commerce Rishad Bathiudeen.
The Sri Lankan government has broken an impasse over the Comprehensive Economic Partnership Agreement which has been dragging for several years, and decided to renegotiate some sections of the proposed agreement with India.
Summarises basic features of a regional services trade agreement with specific reference to India and Sri Lanka
The Indian Government and the Sri Lankan Government will renew the Free Trade Agreement (FTA). The Ministry is planning to include the import of yarn in the FTA.
The balance of trade between Sri Lanka and India continues to be highly in favour of that country since the signing of the Free Trade Agreement between the two nations, Sri Lanka’s Parliament was told today.