South Asia can have integration in dancing & cooking, but not trade, quips Prez RW

8 August 2022 06:04 am - 15 - {{hitsCtrl.values.hits}}

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Cites “too much politics’ as the main reason
Indicates bilateral trade agreements as solution
Says SL will look at countries from ASEAN, RCEP, Africa, Europe, and the UK and US to improve trade relationships

By Shabiya Ali Ahlam

Strengthening trade relations with the world is essential for countries to fulfil their economic aspirations, however, efforts will have to be made by individual countries to strengthen ties as within the South Asian region and trade integration will not happen, said President Ranil Wickremesinghe. “There will have to be bilateral agreements with whoever we want. There is too much politics involved for there to be a regional trade agreement in South Asia,” the President told a fully-packed audience at the ‘Reform Now’ conference hosted by Colombo-based economic thinktank Advocata Institute.

“So we can keep that aside. We can have integration in dancing, we can have integration in cooking. but certainly, we are not going to have integration as far as the economy is concerned,” Wickremesinghe quipped.
Analysis from the World Bank (WB) shows that intra-regional trade accounts for about only 5 percent of South Asia’s total trade. The value is significantly lower when compared with the ASEAN region where intra-regional trade accounts for 25 percent of the total trade.

Similarly, trade among South Asian countries currently totals only US$ 23 billion, which according to the WB is far below an estimated value of at least US$ 67 billion.
The Asian Development Bank (ADB), in many of its publications, pointed out that the resistance in South Asian regional cooperation is due to the region’s long history of political conflict and a somewhat unyielding protectionist stance.
While achieving trade integration with the region has proved difficult in the past, President Wickremesinghe said Sri Lanka should look at other countries to find trading partners.

Countries that are from the Association of Southeast Asian Nations (ASEAN), the Regional Comprehensive Economic Partnership (RCEP), the West, and Africa.
“We have to look at ASEAN and RCEP. That’s a growing market. It’s a big market and the income levels are much higher. So let’s look at it,” he said.
Wickremesinghe expressed keenness in Sri Lanka strengthening economic ties with, Africa, especially East Africa.
He went on to assert that the island nation must maintain its economic relationship with Europe and the UK, which is looking for a role as ‘Global Britain.’

Comments - 15

Ret. Dr. Mallcom Sellamuthu Monday, 08 August 2022 07:54 AM

Mr. Prez. why you say so? Unless we have close ties with European countries establishing open trade we could boast our economy, for that form a United Government with all the other opposition parties minus SLPP rotters with Professionals not the group spilled water to Speaker's prestigious chair.

Leel Rajasooriya Monday, 08 August 2022 07:55 AM

Don't be negative Sir, run with courage and have close links globally and turn SriLanka into Singapore

WTH Monday, 08 August 2022 12:24 PM

You need a hard working population to become like Singapore. Majority of the country are Sinhalese and they are a bunch of lazy lumps. Good luck trying to become a Singapore.

Iwazaru Monday, 08 August 2022 08:17 AM

Off his rocker and 9th draws near. Better remove 9 from the Sri Lanka calendar.

trader Monday, 08 August 2022 08:41 AM

is that why you are proud of being president of such a lost country?? opportunists.

Spartacus Monday, 08 August 2022 09:29 AM

Sri Lanka cannot join ASEAN because our policies are corrupt. Remember Emirates, Japanese LRT system, Knayake Airport and Nimal Siripala are very few examples that will be researched by any investor or country before they venture to invest. Our records are very seriously bad.

KS Monday, 08 August 2022 09:53 AM

Trade among South Asian countries currently are very low. Yes it is low. One of the reason is almost all our regional partners have the same products like us. Can we sell ice to Eskimos? So what we can export to our neighbours ? This is where we have to let out brain to do the work. One way I can think forward is to have FTA with India, so Srilankans can access one billion population market. How long we are going to think about our long history of political conflict with India, especially South India. Didn't European countries have political conflicts among them?

G.M. Sunil Ginige [Industrialist] Monday, 08 August 2022 10:38 AM

Now its your Government, you must appoint wise people (Professionally qualified young bullets) and not to rely on Potuwa rogues, murderers

Punchi Monday, 08 August 2022 12:42 PM

One day I read that the Indian rupee as payment for goods will be mutually beneficial for India and Sri Lanka, next day I read that that the Prez is saying we can only trade in cooking and dancing. Also we can never be a Singapore which is reasonably enlightened had a Demilo as head of State president and currently a Malay woman. Our Buddhist cabal which is the reason for our downfall will self-ignite in their hatred if something like that happened in our dharma paradise.

Anne Karunaratne Monday, 08 August 2022 12:55 PM

It is a well known fact that Sri Lankans (sinhalese, sad to say!) are a lazy lot! They expect everything to be given free of charge, they do the minimum when it comes to doing work but wants maximum when it comes to tea breaks!! Sri Lanka has a very loooong way to go before becoming like Singapore! People must change their mindsets!!

duminda Monday, 08 August 2022 01:13 PM

@KS I dont agree with that. There are lots for differences and can do it impact-fully. First South Asia region should come with very strong trade and economic regional polices. Quality and safety should take the first place . Standardization with strong policies can build a strong regional economy. That can help to minimize corruptions , smuggling and terrorism. We are One of the best region in the world but still in slave and master mindset. also Our religious believes kills our forward thinking,

Bandu Monday, 08 August 2022 03:43 PM

Just get the IMF loan and disappear after elections. Need new blood not the same old stale people.

Pangolin Monday, 08 August 2022 04:48 PM

Nobody wants or is desperate for interaction with Sri Lanka. Get a hold of yourself.

Sinhapala Ambepussa Tuesday, 09 August 2022 02:57 AM

I think, you need seven virgins around you, run this country; not thieves, rapists, kappa's, pagamen !!

Ceylonese Tuesday, 09 August 2022 06:14 AM

Sri 'Lanka's credibility as a very vibrant economy has taken a severe beating since the current crisis started and the country's reputation has hit a new low since independence 74 years ago. it will take a long time to repair all the damage caused to the country's image before we start to do business once again.

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South Asia can have integration in dancing & cooking, but not trade, quips Prez RW

Comments - 15

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