News
Sri Lanka possibly joining RCEP trade deal: ASEAN
Jakarta. ASEAN recently hinted at the possibility of Sri Lanka joining the world’s largest trade deal, Regional Comprehensive Economic Partnership (RCEP) agreement, which is set to give its signatories including Indonesia even more benefits.ASEAN Secretary-General Kao Kim Hourn on Wednesday met with the Sri Lankan presidential secretariat, led by the president’s senior economic adviser Dr. R.H.S. Samaratunga, in Jakarta.
“They discussed Sri Lanka’s economic reform agenda, including Sri Lanka’s possible interest in acceding to the RCEP in the future,” an ASEAN press statement reads.
The RCEP encompasses the 10 ASEAN member states, Australia, China, Japan, South Korea, and New Zealand. All these countries represent 32 percent of the global gross domestic product (GDP).
The RCEP states that new members can join the trade deal 18 months after it enters into force. Such accession is also subject to the consent of the parties. Original negotiating member India can join the RCEP at any time. In 2019, India decided to drop out of the RCEP talks.
The RCEP is set to eliminate up to 90 percent of the tariffs imposed on the goods traded between its signatories over 20 years of coming into force.
Indonesia officially implemented the RCEP at the beginning of this year. The Philippines became the last of the 15 countries to implement the RCEP. This trade pact only came into force in the Philippines two weeks ago.
Government data showed Indonesia-Sri Lanka trade totaled $433.3 million in 2021, but dropped to $314.2 million a year later. The Trade Ministry reported that Indonesia’s main exports to Sri Lanka in 2021 included coconut (copra) oil, natural rubber, and semi-finished products of iron or nonalloy steel, among others. Indonesia mostly imported knitted or crocheted fabrics from Sri Lanka.
Think tank Lakshman Kadirgamar Institute wrote that ASEAN-Sri Lanka trade reached around $4.5 billion in 2019. Sri Lanka’s exports to ASEAN amounted to $396 million, accounting for 4 percent of what the country exported that year. Sri Lankan imports from the 10-member grouping were much higher at around $4.1 billion.
(Jakarta Globe)
News
INS GHARIAL makes port call in Colombo
The Indian Naval Ship (INS) GHARIAL made a port call in Colombo for operational turnarounds on 04 Feb 26. The Sri Lanka Navy welcomed the visiting ship in compliance with naval traditions.
Commanded by Commander Gaurav Tewari, INS GHARIAL is a vessel with a length of 124.8 meters.
During this visit, ten (10) Bailey Bridges, brought by ship, through the coordination of the High Commission of India in Sri Lanka, will be handed over to the Disaster Management Center. These bridges will provide temporary transportation links while bridges damaged across the island by adverse weather conditions are repaired.
The crew’s itinerary features scheduled goodwill activities with the Sri Lanka Navy, alongside visits to several tourist attractions across the island.
News
Speaker’s personal secretary accused of interference with ongoing bribery investigation
SJB Gampaha District MP Harshana Rajakaruna yesterday told Parliament that the Speaker’s Personal Secretary had written to the Secretary-General of Parliament seeking information on a complaint lodged with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) by a former Deputy Secretary of Parliament against the Speaker. Rajakaruna called for an immediate investigation into what he described as interference with an ongoing probe.
Raising the matter in the House, Rajakaruna said he had formally requested the Commission to initiate an inquiry into the conduct of the Speaker’s Personal Secretary, Chameera Gallage, questioning the authority under which such information had been sought.
Rajapakaruna tabled in Parliament a copy of the letter allegedly sent by Gallage to the Secretary-General requesting details of the bribery complaint.
Addressing the House, Rajakaruna said that the letter, sent two days earlier, had sought “full details” of the complaint against the Speaker. He maintained that seeking such information amounted to interference with an investigation and constituted a serious offence under the Bribery Act.
“The Speaker’s Secretary has no right to interfere with the work of the Bribery Commission. Under what law is he acting? What authority does he have? The Speaker, like everyone else, is subject to the law of the land,” Rajakaruna said, urging the Commission to take immediate action.
He noted that the Bribery Act treated the obstruction of investigations and the destruction of documents relating to such inquiries as serious offences punishable by law, and said he believed the Minister of Justice would concur.
The allegations sparked sharp reactions in the Chamber, as Opposition members called for accountability and due process in relation to the complaint against the Speaker.
By Saman Indrajith
News
Govt: Average power generation cost reduced from Rs. 37 to Rs. 29
The Ceylon Electricity Board has managed to reduce the average cost of electricity generation from Rs. 37 per unit to Rs. 29, marking a 22 percent reduction, Minister of Power and Energy Eng. Kumara Jayakody told Parliament yesterday.
Responding to an oral question raised by Opposition MP Ravi Karunanayake, the Minister said that electricity tariffs cannot be reduced unless the cost of generation is brought down.
“You cannot reduce electricity tariffs without reducing the cost of generation. What we are currently doing is buying at a higher price and selling at a lower price. When we assumed office, the cost of purchasing and generating electricity was Rs. 37 per unit. We have now managed to bring it down to Rs. 29, a reduction of 22 percent.
Our target is to further reduce this to Rs. 25. Once that is achieved, we will reduce electricity tariffs by 30 percent within three years, as we promised,” Minister Jayakody said.
He added that the government has already formulated a long-term generation plan to further expand the country’s power generation capacity.
According to the Minister, key measures include increasing the absorption of renewable energy into the national grid, expanding the national transmission and distribution network, introducing renewable energy storage systems, and constructing thermal and liquefied natural gas (LNG) power plants to replace aging facilities and meet future demand.
He also said that steps would be taken to enhance the capacity of existing hydropower plants as part of the broader strategy to ensure energy security and reduce long-term electricity costs.
By Ifham Nizam
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