Indian Trade Minister in town; To discuss conclusion of CEPA

Thursday, 2 August 2012 00:00 - - {{hitsCtrl.values.hits}}

(PTI) New Delhi: India and Sri Lanka will discuss ways to widen the base of free trade agreement in goods by including services and investments during the visit of Commerce and Industry Minister Anand Sharma to the island nation.

Sharma, who will be attending the India Show, would also hold discussions with his counterpart Rishad Bathiudeen during his three-day visit starting from August 3. The Indian Minister is also scheduled to meet Sri Lankan President Mahinda Rajapaksa during his visit.

“Sharma’s visit would set the tone for doubling the bilateral trade at USD 9 billion by 2017 and also move forward the dialogue process for early conclusion of Comprehensive Economic Partnership Agreement (CEPA),” an official statement said.

Currently, the bilateral trade between the countries stood at USD 4.5 billion.

According to an official, the CEPA is aimed at liberalising trade in services and investments by updating existing agreements on investment protection and avoidance of double taxation.

The minister will also discuss the scope of strengthening the economic and trade cooperation between the two countries, it said.

A 25-member CII business delegation led by the chamber’s Past President Rajive Kaul will participate at the India Show. Other members include Ashok Leyland’s Managing Director R Seshasayee.

Over 108 Indian companies would showcase a wide range of products and services, including automobile, engineering, infrastructure, tourism, food processing, ICT, financial services, pharmaceuticals and education.