India extends trade concessions to Lanka

28 March 2013 06:04 am - 11 - {{hitsCtrl.values.hits}}

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India gave important trade concessions to Sri Lanka, in an apparent attempt to assure the latter that New Delhi would be friendly to it despite the strain put on bilateral ties by the on-going events in Tamil Nadu.

In August 2012, Indian Commerce Minister Anand Sharma had assured Sri Lanka that India would do away with the stipulation that the Lankan garment industry must, to a given extent, use fabric sourced from India if it wanted to avail of zero duty concession for export to India under the India-Sri Lanka Free Trade Agreement (ISLFTA).

Under the ISLFTA, at least 5 million of the 8 million pieces allowed to be exported to India duty free, should have been made with Indian fabrics.

But the Lankan government wanted this condition lifted, because the island’s garment industry was finding it difficult to meet the requirement. India, which had been delaying the implementation of Sharma’s promise for almost a year, has now thought it fit to give in. Now, Lanka can export to India, the entire quota of 8 million pieces, without using fabrics imported from India.

Additionally, India has notified duty concessions for non-LDC countries under the South Asian Free Trade Agreement (SAFTA).

Under the notification, Lankan textile exports to India, under SAFTA, would attract 5 per cent duty, and not 11 per cent, as had been the case so far.

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Comments - 11

MZS Thursday, 28 March 2013 06:15 AM

Thanx AYYA !

Suq Madique Thursday, 28 March 2013 07:00 AM

Guilty complex?

Sathyapala Thursday, 28 March 2013 12:00 AM

This is the game we all know of. You stand with US when US wanted so and now stand for us to redeem your self. How pathetic your a just another puppet of US. via DM Android App

chux Thursday, 28 March 2013 10:34 AM

Googlys pls dont get caught they live on our money as they hardly buy our stuff...

Saskia Thursday, 28 March 2013 10:34 AM

New Delhi is playing a very dangerous game. The election in 2014 will show them the impact.

Ranil Thursday, 28 March 2013 10:37 AM

Blow hot blow cold

Ravi Thursday, 28 March 2013 10:49 AM

Where are all the India haters ? all very quite now.. Why not go on to protest and create FB pages saying we don't want any Concessions ?

Ranjit. S Thursday, 28 March 2013 12:28 PM

More 'parrippu' for SL.

nufile Thursday, 28 March 2013 12:00 AM

Sri Lanka should be received the agreement and safe the bilateral trade. via DM Android App

Chandana.A Thursday, 28 March 2013 05:57 PM

That's already known

IOSirisena Friday, 29 March 2013 05:58 AM

where are the Don't go for IPL people? or does national pride apply only to cricket players?

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India extends trade concessions to Lanka

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