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

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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)



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Gul, Kharote spin Afghanistan to victory over Japan in Asian Games opener

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(File pic) Arab Gul took 4 for 8 in the opening match of the men's cricket competition ( Cricinfo)

Right-arm wristspinner Arab Gul,  took 4 for 8 on T20I debut and left-arm spinner Nangeyalia Kharote  picked up 3 for 19 as Afghanistan successfully defended a modest 129  against Japan   to open their Asian Games men’s competition  campaign with two points in Group A.

Two days after nearly beating India  in a rain-shortened game in Sano, hosts Japan made a steady start to the chase and reached 53 for 2 in the eighth over before losing their way.

Gul did much of the damage, taking two wickets apiece in the 12th and 14th overs as Japan slid from 60 for 4 to 63 for 8. Abdollah Ahmadzai and Kharote then finished off the lower order, with Japan bowled out for 81 in 19.3 overs.

Asked to bat first, Afghanistan had posted 129 for 6, with Mohammad Akram making 34, captain Darwish Rasooli 29 and Karim Janat 21.

But it was Mohammad Ishaq’s unbeaten 25 off 17 balls from No. 6 that provided the late impetus after Japan had kept Afghanistan to under six an over for the first 15 overs. Right-arm seamer Shoma Sugaya-Slater and offspinner Ibrahim Takahashi took two wickets apiece for Japan.

The two sides have games against Nepal lined up in Group A. The top two teams from the group will proceed to the quarter-finals.

Scores:

Afghanistan 129 for 6 in 20 overs  (Mohhamad Akram 34, Karim Janat 21, Darwish Rasooli 29,  Mohammad Ishaq 25*; Reo Sakurano Thomas 1-05,  Shoma Sugaya-Slater 2-18, Ibrahim  Takanashi 2-19) beat Japan 81  in 19.3 overs (Reo Sakurano- Thomas 23, Kendel Kadowwaki Fleming 14, Benjamin Ito Davis 17; Arab Gul 4-8, Abdullah Ahmadzai 2-13, Nangeyalia Khan 3-19, Najibullah Zadran 1-07 ) by 48 runs

(Cricinfo)

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BASL calls for conscience vote on 22nd Amendment

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The Bar Association of Sri Lanka (BASL) yesterday called on all political parties, represented in Parliament, to allow their members to vote on the proposed 22nd Amendment to the Constitution according to their conscience, stressing that the responsibility for deciding whether the Bill should be enacted now rests with Parliament.

In a statement issued after the Supreme Court’s determination on the 22nd Amendment Bill, BASL President Rajeev Amarasuriya and General Secretary Nalin de Silva have said the SC’s determination should not be interpreted as an endorsement of the proposed constitutional amendment as a matter of policy.

The BASL has said the SC’s jurisdiction, under Articles 120, 121 and 123 of the Constitution, was to determine the constitutional requirements for the enactment of the Bill, including whether the Bill, or any of its provisions, required approval at a referendum under Article 83.

“The determination is therefore not a determination as to whether the proposed amendment is good or bad policy, desirable or undesirable, wise or unwise, or whether Parliament ought to enact it,” the BASL said.

Full text of the BASL statement: The Supreme Court has now delivered its Determination on the Twenty-Second Amendment to the Constitution Bill and determined that the Bill does not require the approval of the People at a Referendum.

In terms of Articles 120, 121 and 123 of the Constitution, the jurisdiction of the Supreme Court in relation to the Bill is to determine the constitutional requirements for its enactment, including importantly whether the Bill, or any provision thereof, requires the approval of the People at a Referendum by virtue of Article 83.

The Determination is therefore not a determination as to whether the proposed Amendment is good or bad policy, desirable or undesirable, wise or unwise, or whether Parliament ought to enact it.

This distinction is also evident from Sri Lanka’s previous constitutional amendments. During the 48 year history of the second republican Constitution there have been many amendments which passed constitutional muster but nevertheless had a negative effect on democracy, constitutionalism, the independence of the judiciary and the rule of law.

The question that now arises is whether Parliament ought to enact the proposed Amendment. That responsibility rests with Parliament and with each individual Member of Parliament when they vote on the Bill.

In making that decision, Members of Parliament should be mindful of the possible and probable consequences the 22nd Amendment will have on our nation. They should also consider the lack of transparency and a proper consultative process in the introduction of the 22nd Amendment. As representatives of the people they should also consider the concerns that have been expressed in relation to the proposed Amendment by a broad cross-section of society including the Maha Nayakes of the Three Nikayas, the Catholic Bishops’ Conference in Sri Lanka, the Church of Ceylon, the Bar Association of Sri Lanka, the Judicial Service Association, the Commonwealth Lawyers Association, LAWASIA, the International Association of Judges, the United Nations Special Rapporteur on the Independence of Judges and Lawyers, the French National Bar Council, and more than 40 Professional Associations and Unions, including the Government Medical Officers’ Association and other leading professional bodies.

Accordingly, the Bar Association of Sri Lanka calls upon all the political parties in Parliament to allow the Members of Parliament to speak and vote on the 22nd Amendment according to their conscience.

The responsibility now lies with Members of Parliament, when called upon to vote, to take a principled position according to their conscience giving due consideration to their constitutional responsibility, their representative capacity and most importantly their duty to the sovereign People of Sri Lanka.

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IMF: Sri Lanka on course for 2027 market return

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SL to regain access to international financial and capital markets next year in line with IMF projections

Sri Lanka is on course to regain access to international financial and capital markets around 2027, in line with the International Monetary Fund’s (IMF) current economic projections, IMF Mission Chief Evan Papageorgiou said yesterday.

Papageorgiou said the IMF’s core assumptions under Sri Lanka’s economic programme continued to envisage the country returning to international capital markets in 2027.

“Our previous assumption that Sri Lanka will go back to capital markets still stands. We still have a good trajectory to achieving this in 2027 or thereabouts, and that should be the goal,” he said.

Papageorgiou stressed that Sri Lanka could not rely solely on domestic sources of financing to build long-term economic resilience and would need a diversified funding strategy.

“Every country needs to have a good ability to access funds both in domestic markets, as it already has, as well as international markets for eurobonds and other modes,” he said.

He said a return to international capital markets would have significant implications for Sri Lanka’s external debt composition, while strengthening foreign exchange reserves would remain essential as the country prepares to meet future debt-servicing obligations.

The IMF’s assessment comes amid improving international investor sentiment towards Sri Lanka and positive developments in the country’s sovereign credit ratings.

Papageorgiou cited Fitch’s recent upgrade of Sri Lanka’s credit rating as a positive development, saying global investors were increasingly viewing the country from a more constructive perspective.

Sri Lanka remains under the IMF’s Extended Fund Facility (EFF) programme, which is scheduled to continue until March 20, 2027. Regaining access to international capital markets remains a key milestone under the country’s broader economic recovery.

The IMF has stressed the importance of rebuilding Sri Lanka’s foreign exchange buffers and maintaining stability in domestic financial markets as the country approaches substantial external debt repayments.

A sustained improvement in these areas would help strengthen the country’s capacity to return to international markets while safeguarding macroeconomic stability, the IMF has indicated.

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