Malik tells P’ment new deal with India will benefit Lanka

Friday, 12 February 2016 00:00 - - {{hitsCtrl.values.hits}}

By Ashwin Hemmathagama

Our Lobby Correspondent

Despite concerns from certain sectors, the Government yesterday reiterated in Parliament its confidence in making the new deal with India beneficial to Sri Lanka.

“We are confident to gain the benefit out of the Indo-Lanka Economic and Technological Cooperation Agreement,” Development Strategies and International Trade Minister Malik Samarawickrama told Parliament yesterday.

However the Minister said the proposed ETCA is still at discussion stage though it will be different from the previously proposed Comprehensive Economic Partnership Agreement (CEPA).

Parliament was told that ETCA will be key to increasing exports to India, which is Sri Lanka’s biggest trading partner and shares a Free Trade Agreement at present.

“Thailand and Malaysia export almost $5-6 billion to India. We only export $700-800 million worth of products and services to India. The two countries are separated by 20 miles and the proposed agreement could provide us the edge,” added Minister Samarawickrama.

Opposition Lawmaker Udaya Gammanpila in Parliament raised concerns about the content of the proposed agreement considering failures experienced from the previously signed agreements with India.

“Our business community claims the free trade agreement signed between India and Sri Lanka in 1998 enabled India to take the advantage, so it is essential to study the practicalities in India providing us the opportunity to take advantage of the proposed agreement,” said MP Gammanpila.