India and SL revive ETCA negotiations

The 12th Round of the Economic and Technology Cooperation Agreement (ETCA) negotiations between Sri Lanka and India took place in Colombo from October 30 to November 1, 2023,in Sri Lanka’s technological and economic development.

Sri Lanka has long prioritized export diversification while preserving and expanding its core export markets in order to integrate with the biggest economies in East and Southeast Asia. 

According to the President’s Media Division (PMD), its ultimate objective is to establish connections with important agents along the global value chain in order to strengthen the national economy and raise the standard of living for its citizens.

The ETCA had been put on hold since 2018, but a renewed commitment to it was made possible by the President of Sri Lanka's visit to New Delhi on July 29, 2023 where the heads of state of Sri Lanka and India decided to expand bilateral trade and investments to a broad extent, with a focus on new and important areas.

Nineteen Indian officials, including the Chief Negotiator and Joint Secretary of the Department of Commerce, Ministry of Commerce and Industry of India, Shri Anant Swarup, led the delegation that traveled to Sri Lanka and had lengthy discussions about this all-inclusive Agreement.

The National Trade Negotiating Committee (NTNC), led by Mr. K.J. Weerasinghe, the Chief Negotiator from the Presidential Secretariat, represented Sri Lanka in these important discussions. The Ministry of Foreign Affairs, the Department of Trade, Commerce, and Food Security, the Ministry of Industries, the Attorney General's Department, the Department of Commerce, the Department of Agriculture, the Central Bank of Sri Lanka, and the Board of Investment were among the organizations represented on the Sri Lankan Negotiation Team.

Trade remedies, sanitary and phytosanitary measures (SPS), legal and institutional affairs, trade barriers, goods, services, rules of origin, customs procedures, trade facilitation, and trade facilitation were just a few of the subjects that were discussed during the 12th Round. The execution of the current India-Sri Lanka Free Trade Agreement (ISFTA) was also the focus of a special session.

Strengthening the economic connection between India and Sri Lanka is made possible by the resumption of ETCA negotiations. It highlights both countries' determination to promote cooperation in a range of fields, which will eventually improve their economies and the welfare of their people. As the negotiations move forward, it is expected that this agreement would provide new channels for investment and commerce, resulting in prosperity for both countries in the constantly changing international arena.