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Fri, 20 October 2017 05:07:26
India says it is time for trade expansion
28 Jan, 2015 09:28:31
Jan 28, 2015 (LBO) – India’s Deputy High Commissioner says with the political changes in Sri Lanka ,it’s high time for both countries to expand the trade from goods to investment and service exchanges.
“Indo-Sri Lanka relations have been historic and diverse and with the new changes in Sri Lanka, relations can move towards new and stronger levels,” Arindam Bagchi, Deputy High Commissioner of India to Sri Lanka said.

“The new government led by HE the President Maithripala Sirisena and Hon Prime Minister Ranil Wickremesinghe is in a real, genuine path for economic engagement and we praise this determined outlook”

“It is now time to expand from our current goods trade to investment and service exchanges as well.

“We are very keen to expand trade in these new ways. The great bilateral trade dispute resolution mechanism we now have is one of the leading advantages of Indo-Lanka FTA.”

Total trade between Sri Lanka and India stood at 3.63 billion dollars in 2013 data showed.

Exports from Sri Lanka to India was 543.3 million dollars while total imports from India was at 3.09 billion dollars.

More than 60 percent of Sri Lanka’s exports to India were under Indo-Sri Lanka Free Trade Agreement (ISFTA).

The balance of trade always remained in favour of India due to the increased outlay on major import items from India, such as petroleum products, automobiles, cotton, sugar etc. The unfavourable balance of trade narrowed to 2.54 billion dollars in 2013, from 2.95 billion dollars in 2012.

“In order to strengthen this engagement further and move forward, we would like to see a Commerce Secretarial level delegation to come here and meet you in the not too distant future,” Bagchi said.

“As for NTB (Non-Tariff Barriers) issues raised by Sri Lanka from time to time, I am happy to inform you that the Government of India has now started a new process of custom tariff and local procedures harmonisation, at state-to-state levels so that Lankan exports increase to India across various states are sustained so that balance of trade could be improved for Sri Lanka.”

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