Connect with us

News

The next two rounds of bilateral talks scheduled later this month and in March

Published

on

India, Sri Lanka take trade pact talks ahead 

BY MEERA SRINIVASAN

India and Sri Lanka are set to take the ongoing discussions on the Economic and Trade Cooperation Agreement (ETCA) forward, with the next two rounds of bilateral talks scheduled later this month and in March.

The progress in negotiations is significant for New Delhi and Colombo, as the much-discussed pact was stalled in the past, owing to stiff opposition from some worker unions and hardline Sinhala-nationalist politicians, who saw the agreement as favouring Indian interests predominantly. At least 11 rounds of discussions were held between 2016 and 2019, when the Maithripala Sirisena-Ranil Wickremesinghe administration was in power, but the two signs failed to reach an agreement amid protests in Sri Lanka.

President Ranil Wickremesinghe, who assumed charge as President in 2022 in extraordinary circumstances during the island’s economic crisis when a mass uprising that ousted his predecessor Gotabaya Rajapaksa, has emphasised the need for trade pacts to aid the country’s economic recovery. Earlier this month, Sri Lanka inked a free trade pact with Thailand. India, followed by China, are the other two key partners that Mr. Wickremesinghe is keen to have upgraded agreements with, even as Sri Lankans reel under the painful aftermath of a financial meltdown.

After talks on the stalled pact resumed under President Wickremesinghe last year, substantial discussions have been held. The Sri Lankan government sees the resumption of ETCA negotiations as “a significant step towards strengthening the economic partnership between Sri Lanka and India.”

According to an official update issued after the Sri Lankan Cabinet met on Monday, the 13th round of discussions on the proposed ETCA was held in New Delhi for 10 days beginning January 8. Nine sub-committees tasked with looking into various aspects such as goods trade, service trade, rules of the origin and customs procedure and easing the trade held deliberations.

Official sources familiar with the negotiations said the two sides are exploring ways of linking service trade to investments to ensure there is no threat to local labour. “Free movement of individual professionals is not anticipated in the agreement,” said a senior official. Wickremesinghe, on Monday, briefed his Cabinet on the talks, and the 14th round of discussions of the proposed agreement is scheduled to be held on the first week of March 2024, the official press release said.

India and Sri Lanka first signed a free trade agreement in 1998. While the two sides have since attempted to upgrade it multiple times, the attempts proved unsuccessful. New Delhi and Colombo discussed a Comprehensive Economic Partnership Agreement with former President Mahinda Rajapaksa’s government, but his administration saw the agreement as being redundant at the time. Now, as both India and Sri Lanka prepare for an election year, the two countries are keen to seal the pact, said sources.

(The Hindu)



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Financial contribution from Gift Sri Lanka Foundation and the Georgia Buddhist Vihara, USA, for disaster relief

Published

on

By

In support of relief efforts for communities affected by the Ditwah cyclone, Gift Sri Lanka Foundation and the Georgia Buddhist Vihara (GBV), USA, have made a financial contribution of USD 16,000 to the Government’s ‘Rebuilding Sri Lanka’ Fund.

The relevant cheque was formally handed over on Thursday  (18) afternoon at the Presidential Secretariat by the Chief Incumbent of the Georgia Buddhist Vihara, Most Venerable Panamwela Vajirabuddha Nayaka Thero, to the Secretary to the President, Dr. Nandika Sanath Kumanayake.

Continue Reading

News

European Union provides over Euro 2.35 million Humanitarian Assistance to Sri Lanka

Published

on

By

The European Union has allocated a total of Euro 2.35 million of financial assistance to Sri Lanka. This includes Euro 500,000 through IFRC and Euro 1.85 million through DG-European Civil Protection and Humanitarian Aid Operations (ECHO) partners, WFP and UNICEF as humanitarian assistance to Sri Lanka, in response to the impact of Tropical Cyclone Ditwah,

In addition to the above allocation, the Union Civil Protection Mechanism (UCPM), which brings together 37 participating States, all 27 EU member States, as well as Albania, Bosnia and Herzegovina, Iceland, Moldova, Montenegro, North Macedonia, Norway, Serbia, Türkiye and Ukraine, is providing in-kind assistance to Sri Lanka.

As a part of the UCPM in kind assistance being provided, on Wednesday, 17th December, Sri Lanka received an aid shipment, with two air cargo flights arriving in Colombo from Germany, France and Luxembourg. This aid shipment included 83 tonnes of relief items such as family tents, mattresses, hygiene and kitchen kits, beds and water filters. The supplies are intended for distribution among communities most affected by the cyclone.

The arrival of the assistance was welcomed by the EU Ambassador to Sri Lanka, Carmen Moreno, French Ambassador, Rémi Lambert, and the Deputy Head of Mission at the German Embassy, Sarah Hasselbarth. On behalf of the Government of Sri Lanka, the donations were received by Sugeeshwara Gunaratna, Director General / Europe & North America, Ministry of Foreign Affairs, Foreign Employment & Tourism and Chathura Liyanarachchi, Director, Disaster Management Center (DMC).

Italy has also provided a team of structural engineers to support Sri Lanka’s disaster assessment and recovery process.

Furthermore, the EU has activated its Copernicus Emergency Management Service (EMS) in rapid mapping mode, with around 30 maps produced so far.

The European Union has committed continued cooperation and support to Sri Lanka’s disaster recovery and rebuilding process, reaffirming the enduring friendship and strong partnership between Sri Lanka and the European Union.

Continue Reading

News

Sajith: Met Dept. officials under virtual house arrest

Published

on

Sajith Premadasa

… hands over proposal asking for PSC probe into govt.’s lapses

Opposition and SJB leader Sajith Premadasa yesterday accused the government of having gagged the Meteorology Department officials, who, he said, had been placed under virtual house arrest. He claimed that they had been barred from speaking to the media.

Speaking in Parliament, Premadasa said withholding information from the public was unacceptable. He insisted that the Meteorology Department and international agencies had repeatedly issued warnings about extreme weather events between November 11 and 26. He demanded to know why Sri Lanka’s disaster management mechanism had not been activated in a timely manner.

“The key issue is why the country’s disaster management system failed to respond when the risks were clearly identified,” he told the House, describing the lapse as a serious failure of governance.

Condemning attempts to silence officials, Premadasa said acknowledging mistakes was the only way forward. “If we are wrong, we should admit it. If we are right, we should say so. Silencing professionals will help solve problems.

The Opposition Leader also called for a National Disaster Response Force and amendments to the Disaster Management Act to strengthen preparedness and response mechanisms.

Premadasa and several other Opposition MPs have submitted a formal proposal to the Speaker seeking the appointment of a Parliamentary Select Committee to investigate the government’s failure to mitigate the impact of Cyclone Ditwah.

The Opposition has demanded a 30-member select committee tasked with producing a comprehensive report on the institutional and administrative failures during the disaster.

Describing the government’s lack of preparedness as deeply regrettable, the MPs have said that timely action would have helped save many lives and reduced the scale of destruction caused by the cyclone.

By Saman Indrajith ✍️

Continue Reading

Trending