Substantial progress made in FTA talks between Sri Lanka and China

By APD writer Easwaran

COLOMBO, Nov. 21 (APD) – Sri Lanka has made substantial progress in Free Trade Agreement (FTA) talks with China, a Minister said on Tuesday.

Minister of Development Strategies and International Trade Malik Samarawickrama said that the proposed China-Sri Lanka FTA will generate nearly 700 million US dollars of trade.

He said the apparel sector alone is set to gain 400 million US dollars in new trade.

Samarawickrama said that to date, six rounds of discussions have been completed with China on the FTA.

He said that during the six rounds substantial progress has been made.

Meanwhile, the Minister also said that the next round of talks on the proposed Economic and Technical Cooperation Agreement (ETCA) with India is scheduled to take place next month.

Samarawickrama said that six rounds of talks on ETCA have been completed.

He said the key objective of ETCA is to resolve the implementation issues on the existing Free Trade Agreement with India.

The Minister noted the importance of the deal for Sri Lanka, saying India is expected to be fastest growing economy in the world in the coming years.

Samarawickrama said that in discussions held so far India has agreed to address non-tariff barriers in the Indian market as well as procedural barriers.

He also said that Sri Lanka is negotiating the removal of quotas on apparel and pepper.

(ASIA PACIFIC DAILY)