FTA tilted in favour of India

1 December 2010 09:25 am - 2 - {{hitsCtrl.values.hits}}

A A A

The balance of trade between Indian and Sri Lanka has tilted highly in favour of India since the implement of the Free Trade Agreement (FTA) between the two countries in 2000.

According to an answer given in the House by the government, the value of Sri Lankan exports to India was uS$55.7 million in 2000 when the FTA was signed, as against imports valued US$600 million to the country.

The balance of trade has grown from US$544.4 million in 2000 to US$531 million in 2001 in favour of India.
Minister of Industries Rishard Bathiudeen revealed these figures in the House in response to a question by UNP MP Ravi Karunanayake.

According to the answer, the balance of Trade between the two countries under the FTA in favour of India was US$665 million in 2002, US$835 million in 2003, US$972 million in 2004, US$881 million in 2005, US$1.3 billon in 2006, US$2,2 billion in 2008 and US$ 1.3 billion in last year.

Mr. Karunanayake stressed the need for the government to re-look at the FTA, and take measures to improve Sri Lanka’s export volumes to India.

“All these years, trade volume between the two countries has grown in favour of India. We must make sure that Sri Lanka exports more and import less for the balance of payment to be in our favour,” the UNP MP said.

Asked about the CEPA, the Minister said all stakeholders had to be consulted before signing it. (KB&YP)

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 2

Saradial Wednesday, 01 December 2010 10:11 AM

Oh took 10 years to realize this?

sw Wednesday, 01 December 2010 04:15 PM

Just split the country in the middle and give the two halves to India & China.

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

FTA tilted in favour of India

Comments - 2

Add comment

RECOMMENDED

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Western purple-faced langurs see blue!

Most Viewed in News

SL on alert on possible genocide allegations by Canada

A US “Kaputa”, a Lankan “Nariya” and a Presidential “Feast”

Former MP Palitha Thewarapperuma dies from electrocution

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

April 15 declared a government holiday

Belgian traveller scammed in Kalutara

MIRROR CRICKET

TODAY'S HEADLINES