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Sri Lanka to sign ETCA framework agreement with India by February

30 December 2015 03:10 am - 1     - {{hitsCtrl.values.hits}}

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Sri Lanka expects to sign the framework agreement for the broader Economic and Technology Cooperation Agreement (ETCA) with India by February 2016 and ETCA by mid 2016, a press statement by the Development Strategies and International Trade Ministry said.  The statement said the fourth Commerce Secretary level meeting between India and Sri Lanka took place last week in Delhi and ETCA was discussed by both parties. 

“Our proposed framework envisages exclusion of professional labour liberalization by Sri Lanka other than in two subsectors, viz., ship builders and IT professionals,“ the statement noted. 

“For better market access to the Indian market, Sri Lankan side highlighted a number of issues that local exporters face in the Indian market which the Indian side will address in parallel to the negotiations on the Framework Agreement and the final ETCA,” it added. 

The ministry said the signing of Mutual Recognition Agreements (MRAs) on standards was also discussed. 

As a result, the Indian side is expected to organize workshops in Sri Lanka for Sri Lankan exporters/officials to increase awareness of Indian standards, regulations, certificate of origin, etc., during January/February 2016. 

India is Sri Lanka’s largest as well as the most balanced trading partner. Overall bilateral trade between the two countries exceeded US$ 4.5 billion in 2014. India is the largest source of imports to Sri Lanka and the third largest destination for Sri Lankan exports. 

India is among the first five largest investors in Sri Lanka and bulk of the Sri Lankan FDI overseas is located in India. 

“The ETCA will support to build on this solid foundation taking into account the asymmetry between the two countries. 

For a small country like Sri Lanka, it is always advantageous to engage in rules-based trading with a larger trading partner like India, and ETCA will provide that framework for deeper economic engagement with India,” the ministry statement said. 
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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  • nt82 Saturday, 09 January 2016 05:17 PM

    this must be end of Sri Lankan IT industry


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

 


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