Sri Lanka, China discuss start of negotiations on proposed FTA

Friday, 4 July 2014 01:01 - - {{hitsCtrl.values.hits}}

Beijing: Economic Development Minister Basil Rajapaksa, currently visiting China as President Mahinda Rajapaksa’s Special Envoy, met with Chinese Vice Premier Wang Yang on Wednesday, Xinhua news agency reported.

During the discussion with the Chinese Vice Premier, the Minister discussed further strengthening trade relations between the two countries. The Vice Premier said the Chinese Government was willing to work with the Sri Lankan side to implement the consensus reached by the two Presidents and deepen bilateral economic and trade cooperation. Wang called on both sides to begin negotiation on their proposed Free Trade Agreement as soon as possible, encourage Chinese enterprises to expand investment in Sri Lanka and strengthen the strategic partnership of cooperation between the two countries. The proposed Sri Lanka-China Free Trade Agreement is considered as the biggest development since the famous Sino-Lanka Rubber-Rice Pact in 1952. Trade between Sri Lanka and China has increased in the recent past, reaching $ 3.6 billion in 2013 from $ 1.1 billion in 2006. China has become one of the major development partners of Sri Lanka during the past, especially in the field of infrastructure projects.