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India, Lanka trade pact by October

Eocnomic Times | 2 Aug 2007

India, Lanka trade pact by october

NEW DELHI: India and Sri Lanka have decided to sign a Comprehensive Economic Partnership Agreement (CEPA) by October this year for augmenting mutual trade and investment, Minister of State for Commerce Jairam Ramesh said here Thursday.

"Both India and Sri Lanka can thrash out the differences and early conclusion of the CEPA would ensure the sustained interest of all the stake holders," Ramesh said during his meeting with Sri Lankan Minister for Investment Promotion Navin Dissanayake.

Sri Lanka also invited more investments from India in several areas including oil exploration and refining, information technology and apparel and textile sectors.

"During the meeting, the Sri Lankan Minister also agreed on holding an Investment Expo in his country in October-November this year, focusing exclusively on the Indian companies. Both Ministers agreed that the Expo should focus on two major sectors such as information technology and apparel and textiles," said a joint statement.

The visiting minister also invited Indian companies to help Sri Lanka in development of infrastructure, including the proposed 1000 acre Special Economic Zone in eastern Lankan province of Trincomalee.

 source: Economic Times