Hundreds of protesters took to the streets in the capital Colombo Tuesday demanding Sri Lanka’s government abandon a proposed trade pact with neighbouring India.
The International Monetary Fund (IMF) believes that South Asia’s prospects for a regional grouping have greatly improved and that prospects for deeper economic integration within the region and with the rest of Asia would continue to improve in future.
The Free Trade Agreement between India and Sri Lanka is 10 years old and a top trade economist says trade between the two South Asian neighbours have improved and that Sri Lanka should consider upgrading the agreement into a comprehensive economic partnership.
A Free Trade Agreement (FTA) with Singapore would be beneficial because it would result in more opportunities with Sri Lanka, currently attempting to develop itself as a hub to India and a financial hub; particularly due to the country’s existing respective FTAs with India and with Pakistan, a top Singapore businessman has said.
Negative trade balance is not always negative. It could be looked in a broader context said the Head of Chancery of the Pakistan High Commission in Sri Lanka Balal Akram. Referring to the negative trade balance between the countries which is favourable to Pakistan Akram said that 35 per cent of Sri Lankan imports from Pakistan are raw material for the apparel industry.
Sri Lanka has reacted strongly to a European Commission (EC) probe on its human rights record, saying it is politically motivated.
The United States has asked Sri Lanka, ranked high for software piracy in Asia, to better enforce intellectual property rights and also lift restrictions on American imports like genetically modified food.
The European Commission is all set to recommend withdrawal of trade benefits from Sri Lanka after allegations of large scale violation of human rights surfaced during the last stages of the civil war against the LTTE.
Sri Lanka is very likely not pursue a comprehensive economic partnership agreement with Pakistan because a similar agreement with India was put in cold storage last year amidst mounting domestic pressure.
India and Sri Lanka are expected to sign a new economic agreement next year covering both goods and services, said the island nation’s Minister of Investment Promotion Navin Dissanayake.
The Free Trade Agreement between Sri Lanka and Pakistan will be further expanded to services and investment in keeping with a bilateral discussions between President Mahinda Rajapaksa and Pakistan Prime Minister Syed Yusuf Raza Gilani, yesterday.
Sri Lanka and Kuwait successfully concluded negotiations on the proposed Bilateral Investment Promotion and Protection Agreement (IPPA) between two countries. This will be Sri Lanka’s first ever IPPA with a Gulf country.
The Department of Commerce said this week that under the Sri Lanka-Pakistan Free Trade Agreement (FTA), Pakistan has confirmed duty free status to 4,500 Sri Lankan products.
The President of the Sri Lanka Nepal Business Council of the Federation of Chambers of Commerce and Industry of Sri Lanka said that Nepal had approached Sri Lanka about entering into a free trade agreement.
The President of the Sri Lanka Nepal Business Council of the Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) said that Nepal had approached Sri Lanka about entering into a free trade agreement.
The health minister from Tamil Nadu, who is running a relentless battle against tobacco use, has proposed that all types of tobacco products should be placed in the negative list of the free trade agreement (FTA) between India and Sri Lanka.
President Mahinda Rajapaksa will attend the summit conference of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) to be held in New Delhi on November 13. President Mahinda Rajapaksa is also scheduled to have a bilateral meeting with India’s Prime Minister Dr. Manmohan Singh.
Concerns are growing that an economic pact between India and Sri Lanka has been indefinitely put off.
Inadequate regulatory and monitoring measures, say local businesses, allowed corruption into the Indo-Lanka FTA implementation and allowed unscrupulous investors to violate local laws and benefit from the FTA.
This article is written in recognizing the numerous opinions floating around in Sri Lanka in respect of the proposed Comprehensive Economic Partnership Agreement (CEPA) with India. Most of the public discussions and paper articles on CEPA, which we see today, are either based on personal or political sentiments or absolute analysis of numerical figures. The whole purpose of this article is to give a holistic and comparative analysis based on facts and figures explaining the current status of the FTA with India.