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Ranil calls for revival of controversial ETCA in 2025

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UNP Leader Ranil Wickremesinghe

Amid shifting US-EU trade dynamics

Speaking to Indian media on April 4, 2025, former President Ranil Wickremesinghe underscored the urgency of finalising the long-debated Economic and Technology Cooperation Agreement (ETCA) between Sri Lanka and India. His remarks came in response to recent U.S. tariffs imposed on Sri Lankan exports and growing uncertainties in Western markets—and the remarks also coincided with Indian Prime Minister Narendra Modi’s arrival at Katunayake International Airport for a three-day visit to Sri Lanka.”

Wickremesinghe stressed that operationalising free trade agreements (FTAs) with Singapore and Thailand, alongside pursuing membership in the Regional Comprehensive Economic Partnership (RCEP), should complement the revival of ETCA. “ETCA needs to be signed. My vision was to complete it by 2025, and we must act now. Previously, we relied heavily on the US and EU, but their trade policies are becoming less predictable, particularly for apparel exports. While maintaining existing partnerships, we need to diversify into new markets and products beyond apparel,” he asserted.

The ETCA, negotiated during Wickremesinghe’s Yaha Palanaya administration, faced vehement opposition since its inception. Critics, including civil society groups and political factions, argued that the pact risked compromising Sri Lanka’s economic sovereignty and job markets to Indian interests. The current government, led by the Janatha Vimukthi Peramuna (JVP), had fuelled those concerns at the time, urging public resistance against the agreement.

JVP leader and President Anura Kumara Dissanayake, a longstanding ETCA critic, previously warned in 2016 that the deal would disproportionately benefit India’s lower-skilled workforce, exacerbating unemployment in Sri Lanka. “Indian IT professionals target Europe or the US—not Sri Lanka. Only India’s underemployed would seek opportunities here, undermining our youth,” he contended.

Reminiscing objections, Wickremesinghe emphasised that diversifying trade alliances is critical as Western protectionism grows. “The global economic landscape is shifting. We cannot afford isolation,” he stated, advocating for a more open approach to partnership with India.

The resurgence of the dialogue on ETCA and the lack of resistance against it reflect current tensions between Sri Lanka’s economic challenges and its social sensitivities, with 2025 poised as a decisive year for the nation’s trade strategy.

By Sanath Nanayakkare



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ComBank unveils new Corporate Branch at Head Office

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Commercial Bank Managing Director/CEO, Sanath Manatunge, Chief Operating Officer S. Prabagar, Deputy General Manager – Corporate Banking Hasrath Munasinghe, Corporate Branch Chief Manager -Ruvini Samarasinghe and representatives of the Bank’s corporate and senior management at the opening of the new Corporate Branch

The Commercial Bank of Ceylon has transformed its iconic ‘Foreign Branch’ into the ‘Corporate Branch,’ reaffirming its commitment to delivering dedicated, comprehensive financial solutions to corporate and trade customers.

The Bank said this transformation represents a new milestone in its illustrious journey, and resonates with the rich commercial heritage of Colombo, a city that has long served as a vital trading hub in the region.

Strategically located at the Bank’s Head Office at Commercial House, 21, Sir Razeek Fareed Mawatha (Bristol Street), Colombo 1, this rebranded Corporate Branch stands as a first of its kind in Sri Lanka —a premier financial hub tailored exclusively to the needs of corporate customers, the Bank said. The transformation aligns with the Bank’s vision of providing unparalleled service excellence, bespoke financial solutions, and fostering long-term business partnerships.

Commenting on this strategic initiative, Commercial Bank’s Managing Director/CEO Sanath Manatunge stated: “It is our aspiration that just as the historic Delft Gateway, at which our Head Office is located, once opened the path to the Dutch Fort, our Corporate Branch will chart a new era of enduring and prosperous business collaborations, that will extend beyond Sri Lanka’s shores.”

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Fits Retail and Abans PLC Unveil Exclusive DeLonghi Premium Coffee Experience

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The iconic DeLonghi coffee machines at Abans showroom

Fits Retail has partnered with retail giant Abans PLC to showcase the iconic DeLonghi coffee machines at two of Colombo’s most prestigious locations: Abans Elite Colombo 3 and Abans Havelock City Mall showrooms.

At these dedicated demonstration zones, visitors can discover the unparalleled precision engineering and user-friendly technology that have made DeLonghi machines the preferred choice for discerning coffee lovers in more than 46 countries worldwide. Renowned for consistently delivering café-quality espresso, cappuccino, and even specialty cold brews, DeLonghi machines exemplify Italian innovation at its finest.

Yasas Kodituwakku, CEO of Fits Retail, expressed excitement about the collaboration: “This partnership represents our unwavering commitment to bringing global coffee excellence to Sri Lankan connoisseurs. With Abans PLC, we’re creating more than just demonstration spaces; we’re curating premium destinations for an authentic coffee experience.”

“As pioneers of premium lifestyle experiences in Sri Lanka, our collaboration with Fits Retail aligns seamlessly with our vision of elevating everyday moments into exceptional experiences,” said Tanaz Pestonjee, Director Business Development at Abans PLC.

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Members’ Night of the Sri Lanka – Russia Business Council of The Ceylon Chamber of Commerce

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Participants at the Members’ Night

The Sri Lanka-Russia Business Council (SLRBC) of The Ceylon Chamber of Commerce (CCC) hosted a Members’ Night on March 27, at the Sophia Colombo City Hotel. The event, attended by His Excellency Levan S. Dzhagaryan, Ambassador of Russia to Sri Lanka, offered a valuable platform for business leaders, embassy officials, and Members to discuss and explore opportunities for deeper Sri Lanka-Russia collaboration, a CCC news release said.

SLRBC President, Mr. Jude Fernando, kicked off the evening with a speech highlighting the importance of strengthening international ties, which was followed by H.E. Dzhagaryan’s address on the need for continued engagement between the two countries. The event featured networking opportunities, allowing Members to connect with key stakeholders and discuss future business ventures, followed by a delightful dinner.

The event was made possible with the generous support of sponsors, including OCEAN 7 Logistics (Pvt) Ltd, Bally/Walkers Tours, Fibre cement associations, Ceylon Fresh Teas, SCANWELL Logistics, Regency Teas, Shan Teas, and others, whose contributions were key to its success.

The SLRBC is committed to further facilitating trade and cultural exchange between Sri Lanka and Russia, continuing to foster stronger business relationships.

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