Govt. seeks to update ISFTA with India as ETCA discussions continue

Saturday, 21 December 2024 01:11 - - {{hitsCtrl.values.hits}}

Minister of Foreign Affairs Vijitha Herath says Govt. has not signed ETCA nor taken steps to implement it
Admits that though discussions on ETCA will continue, it is seeking to update ISFTA signed in 1998
Reveals Govt. hopes to renew and expand ISFTA with focus on market expansion
Assures Govt. policy remains to avoid agreements that could harm SL’s economy

Minister of Foreign Affairs Vijitha Herath has clarified that the current Government has neither signed the controversial Economic and Technical Cooperation Agreement (ETCA) with India nor taken steps to implement it.

Speaking at a special press conference at the Government Information Department, the Minister emphasised the Government’s commitment to prioritising economic agreements that safeguard Sri Lanka’s interests.

“There is a previously signed free trade agreement between the two countries. We are working on that agreement and see the need to update it,” Minister Herath revealed, referring to the Indo-Sri Lanka Free Trade Agreement (ISFTA) signed in 1998.

He added, “We hope to renew and expand this agreement with a focus on market expansion. Discussions on ETCA will continue, but there is no plan to sign or implement it following the President’s recent visit to India.”

The Minister also assured that the Government’s policy is to avoid agreements that could harm the country’s economy. “We are ready at any time to work for the development of the economy and trade of both countries. That is our clear position,” he said.

The statement comes amid growing speculation and claims that the Government is preparing to sign the ETCA with India which has seen widespread opposition from politicians, civil society groups, and members of the public.