Even as vanaspati imports from Sri Lanka continue to be a contentious issue, it has now come to light that the island country is yet to notify the second phase of tariff liberalisation under the bilateral free trade agreement (FTA) with India.
Sri Lanka has mooted a free trade agreement (FTA) with Bangladesh citing its positive experience with the ones it has signed with India and Pakistan.
Shri Kamal Nath, Union Minister of Commerce & Industry, has said that imports under the bilateral Free Trade Agreement (FTA) should not adversely affect the domestic industry. Rather, such an engagement should be a win-win situation bringing economic benefits to both sides. The Minister said this in the context of vanaspati imports under the Indo-Sri Lanka FTA, when the issue was raised by Mr. Jayaraj Fernandopulle, Minister for Trade, Commerce, Consumer Affairs and Highways, who called on him here last evening.
Sri Lanka has proposed a free trade agreement (FTA) or preferential trade pact with Malaysia, but the two countries are a long way towards reaching a final decision, a Sri Lankan corporate leader said.
The joke in South Block nowadays is that Prime Minister Manmohan Singh is ever so keen to visit Pakistan because he finds it easier to deal with General Pervez Musharraf than to deal with his Cabinet colleagues. If Mr Arjun Singh ambushed him and sent the entire country into a caste driven frenzy, one of his other Ministerial colleagues leaked the contents of a letter to the Prime Minister from Congress president Sonia Gandhi expressing concern over the free trade agreement that India had signed with its ASEAN partners.
Sri Lanka’s pepper exports to the country are a threat to the Indian growers and the Union Government would work out a solution through political and other means, according to Mr Jairam Ramesh, Union Minister of State for Commerce.
All Sri Lankan factories producing Vanaspati oil have shut down, after controversial Indian regulations to restrict duty free exports of the vegetable oil to India.
As the country debates the merits and de-merits of free trade agreements (FTAs), an analysis of trade data shows India has been at the receiving end in both the Thai and the Sri Lanka FTAs.
The customs authority is probing the misuse of the Indo-Sri Lanka free trade agreement (FTA), whereby cloves and arecanuts of different origins have come into India recently from Sri Lanka.
The road to US duy-free access could be longer than expected for a series of emerging countries. While Pakistan was recently refused that textiles and apparel benefit from preferential treatment, chances of duty-free access for Bangladesh, Sri Lanka or Cambodia are progressively fading.
The Free Trade Agreement (FTA) with Sri Lanka is costing Indian vanaspati-makers a fortune. With the Sri Lankan vanaspati flooding the Indian market, factories are shutting down, rendering hundreds of people jobless.
Singapore is keen on entering into an FTA with Sri Lanka, Minister of Enterprise Development and Investment Promotion Rohitha Bogollagama said on Wednesday.
Indian government has agreed to provide a 70% tax concession for 2,802 goods exported from Sri Lanka to India, says Minister of Trade, Commerce, Consumer Affairs and Marketing Development Jeyaraj Fernandopulle, appraising the Indo-Sri Lanka Free Trade Agreement as a success to Sri Lanka.
With India signing Free Trade Agreements (FTAs) with Sri Lanka (1998) and Thailand (2004), its imports from these two countries have gone up by over 300% and 125%, respectively, between 2002-03 and 2004-05. India’s exports to Sri Lanka rose by about 47% and that to Thailand by 19% during the same period.
By having preferential access to the two major markets in South Asia - India and Pakistan - Sri Lanka can now position itself as the conduit for Indo-Pakistan trade that has diminished due to political problems centred around the Most Favoured Nation treatment.
The United States warned Sri lanka against banking on a quick free trade deal to fix its economic woes and urged the island to restore peace and open its markets.
A free trade agreement between Sri Lanka and the U.S. isn’t a certainty and even if it does happen, it isn’t guaranteed to solve the country’s trade difficulties, the U.S. ambassador to Sri Lanka said Tuesday.
Threatened with virtual closure of domestic Vanaspati industry, manufacturers for the first time will resort to workers-type-demonstration, staging a march to the Parliament, as a protest against import of Vanaspati on zero-tariff from Sri Lanka under Free Trade Agreement (FTA) that rendered the local production uncompetitive.