News
China shows flexibility on Sri Lanka FTA after temporary halt: Chief Negotiator
By SHIHAR ANEEZ
ECONOMYNEXT –China has shown some flexibility in its stance over the Free Trade Agreement (FTA) with Sri Lanka after the island nation briefly halted the negotiations following seven rounds of talks due to disagreement on tariff list, level of liberalization, and a review process, Colombo’s Chief Negotiator K J Weerasinghe said.
Sri Lanka is proceeding with multiple free trade agreements including with China, five years after talks with Beijing on the FTA were suspended following concerns over upper hand by China.
Both countries have started virtual negotiations for the first time since 2018
“Now China has shown some flexibility from the earlier position it took in 2018. That is why the negotiations are moving forward,” Weerasinghe told reporters in Colombo at a media briefing on Tuesday.
“We had a comprehensive virtual meeting with China. Now China has proposed us to send some new proposals. Now I am drafting some new proposals following the virtual meeting we had. Once those proposals are sent, they will resume negotiations.”
Sri Lanka is caught in a geopolitical proxy cold war between China and India with the backing of the United States, analysts say.That cold war has led Sri Lanka to be extremely cautious in dealing with both Asian powers and even to forego some investment opportunities.
However, the economic crisis and sovereign debt default have compelled the island nation to look into all available avenues to ensure more foreign inflows to move away from the crisis.Sri Lanka had to temporarily stop FTA talks with China under the previous government because Beijing disagreed with Colombo’s three requests.
“We wanted a list of products, about 500 tariff lines go to zero on the day the agreement comes into force. Then there was no element of reciprocity. But now China also says they want to reciprocate,” Weerasinghe said.
The Ceylon Petroleum Corporation (CEYPETCO) has announced a reduction in the prices of Petrol 92 and Petrol 95, effective from midnight today (30).
The price of Petrol 92 has been reduced by Rs. 15 per litre, from Rs. 414 to Rs. 399 while the price of Petrol 95 Octane has been reduced by Rs. 20 per litre, from Rs. 495 to Rs. 475
There will be no change in the prices of diesel, Super Diesel and kerosene under the latest revision.
The book “Rathuwewi Mihimadala”, written based on the life story of Vasudeva Nanayakkara, Leader of the Democratic Left Front, was launched on Friday [August 28] at the Bandaranaike Memorial International Conference Hall (BMICH) in Colombo, with the participation of Prime Minister Dr. Harini Amarasuriya.
Speaking to the media afterwards about Vasudeva Nanayakkara, Prime Minister Dr. Harini Amarasuriya stated:
“Vasudeva Nanayakkara is a prominent figure in Sri Lankan politics, particularly within the left-wing political movement. There were several influential figures within the left movement, and that left-wing influence also contributed to bringing the country to where it is today. Politically, there were areas where we agreed and areas where we did not. However, I have great respect for the contribution made by Vasudeva Nanayakkara to left-wing politics. When I entered Parliament in 2020, Vasudeva Nanayakkara was also in Parliament. We sat in the same row, and we spoke about many important as well as interesting moments in his political career. I believe some of these experiences have also been included in this book.”
The event was attended by members of the Maha Sangha, Minister of Justice Harshana Nanayakkara, former President Maithripala Sirisena, former Speakers Karu Jayasuriya and Chamal Rajapaksa, as well as party members, family members and friends.
[Prime Minister’s Media Division]
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Sun directly overhead Mannar, Periyamadu, Puliyankulam, Welioya and Pulmoddai about 12.11 noon today (30)
The sun is going to be directly over the latitudes of Sri Lanka from 28th of August to 07th of September due to its apparent southward relative motion.
The nearest places of Sri Lanka over which the sun is overhead today (30) are Mannar, Periyamadu, Puliyankulam, Welioya and
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