Sri Lanka to sign ETCA with India by June
Sri Lanka is to enter into Indo – Lanka Economic and Technology Co-operation Agreement ETCA by mid this year while strengthening its free trade agreements with India and Pakistan, and negotiating an FTA with China, Minister of Development Strategies and International trade Malik Samarawickrama, said. He made this disclosure when he addressed the ‘Invest in East 2016′ International Investment Promotion Forum in Colombo this week. “With preferential access to both the Indian and Pakistani markets, Sri Lanka can act as a bridge for investors from both countries to penetrate each other’s markets” he added.
The government’s vision involves the private sector being the locomotive for growth and employment creation. Exports and FDI will be key pillars of the new model for increasing growth, employment and incomes, he said. The Institution of Engineers Sri Lanka (IESL) and the Sri Lanka Engineers’ Association (SLEA) have opposed the government’s move to sign ETCA framework in a haste. The SLEA and IESL added that the engineering sector could be the considered the worst affected through the ETCA.
The National Chamber of Exporters of Sri Lanka (NCE), have expressed concerns regarding the proposed ETCA Framework to be signed by India and Sri Lanka within the next two weeks and the ETCA Agreement proper proposed to be signed mid this year. The Chamber has written to Minister Malik Samarawickrema -outlining the concerns related to some issues, and enquiring specific benefits that will accrue to Sri Lankan exporters through the ETCA.