Wednesday, 8 April 2015 00:00
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The National Chamber of Commerce of Sri Lanka, one of the pioneering chambers in the country counting over 65 years of service to the business community in Sri Lanka and having a membership of over 630 corporates and over 1500 Small and Medium Enterprises, is seriously concerned over the proposed signing of the Comprehensive Economic Partnership Agreement (CEPA) with India.
The National Chamber of Commerce said in a statement that the FTA signed between Sri Lanka and India, which was operational from 2000, had only minimal benefits for Sri Lanka and had yet to be improved to a great extent. The business community strongly believes that the FTA signed between Sri Lanka and India should be implemented to its maximum potential before entering into other agreements such as the CEPA, the Chamber stated.
“Although the FTA is a well accepted document, it is noteworthy to say, that Sri Lanka signed it in a hurry and there are many non- tariff barriers imposed in India, discouraging exports from Sri Lanka,” the statement read.
“CEPA has been a cause for concern amongst various factions in civil society including entrepreneurs, industrialists and economists. The National Chamber is of the view that before the authorities come to a conclusion, the CEPA Agreement should be analysed in greater detail as regards the implications involved, advantages/disadvantages and most of all how it will affect the economy, business and industries in Sri Lanka.
“Therefore, the National Chamber of Commerce strongly urges the authorities to make a careful study with the involvement of all the business Chambers in the country who represent the business community in Sri Lanka, before arriving at a final decision to sign the CEPA Agreement,” the Chamber expressed.
