Sri Lanka will focus on increasing trade and investment with China as well as broadening the scope of a proposed Free Trade Agreement (FTA), a top official said on Tuesday.
The possibility of a first ever official trade agreement with one of the most discerning Asian suppliers to Sri Lanka has edged closer to reality.
Pakistan, Sri Lanka’s second largest trade partner in the region, has indicated interest in expanding its free trade agreement (FTA) trade with the island, creating growth in bilateral trade, which already exceeds the US $ 460 million mark, according to Sri Lanka’s trade ministry.
Sri Lanka and China have completed the joint feasibility study for establishing a free trade agreement between the two countries and will push ahead with signing it before the end of the year, a statement from the Finance Ministry said on Thursday.
China and Sri Lanka could sign a free trade agreement by the end of the year, state news agency Xinhua cited Sri Lanka’s foreign minister as saying, a move that will help cement Colombo’s growing economic and diplomatic ties with Beijing.
The feasibility study on the highly-anticipated Sri Lanka-China Free Trade Agreement (FTA) is underway and due to be completed by March with eventual signing of the deal slated for before end 2014, an official said here on Thursday.
Efforts to drive the Sri Lankan apparel sector into a new growth phase may hinge on the success of the potential free trade agreement (FTA) in the offing with China, according to Joint Apparel Association Forum (JAAF) Secretary General Tuli Cooray.
Sri Lanka’s second largest trade partner in SAARC, Pakistan, is hungry for more Lankan exports in the coming year-while also closely looking at Sri Lanka’s sugar sector for entry.
Despite the adverse impact on local industries, the Government has allowed tariff-free imports on ten categories of Indian goods, which had hitherto remained in the negative list under the Indo-Sri Lanka Free Trade Agreement, Daily Mirror learns.
The proposed free trade agreement between Sri Lanka and China, which is slated to be inked this November ahead of the Commonwealth Heads of Government Meeting, is a ‘wakeup call’ for the country’s exporters, Chairman of the Ceylon Chamber of Commerce says
China is keen to sign a free trade agreement with Sri Lanka. This was conveyed to Sri Lankan leaders including prime minister DM Jayaratne on Tuesday by senior Communist leader Liu Yunshan during his ongoing visit to Colombo, according to the official news agency Xinhua.
Sri Lanka will not need the Comprehensive Economic Partnership Agreement (CEPA) with India any longer, as both countries had moved on, said Economic Development Minister Basil Rajapaksa.
Promotion of trade among SAARC countries is one of the top priorities of the government, said Federal Minister for Finance Senator Mohammad Ishaq Dar talking to Air Chief Marshal Jayalath Weerakkody High Commissioner of Sri Lanka.
Sri Lanka’s main business Chamber urges the government to fast track the signing of the Comprehensive Partnership Agreement with India and also sign more trade deals to avoid over-dependance on one country for exports.
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.