India and Sri Lanka resume talks on economic and technological cooperation

New Delhi: After a five-year break, India and Sri Lanka have resumed talks on the Economic and Technology Cooperation Agreement. Both sides held the twelfth round of negotiations on the agreement in Colombo.

Talks between New Delhi and Colombo were suspended after 11 rounds of negotiations between 2016 and 2018.

“During this round, both sides took stock of the progress made up to the 11th round and held discussions on various chapters, including trade in goods, technical barriers to trade, sanitary and phytosanitary measures, trade in services, customs procedures and trade facilitation. Rules of origin, trade remedies, economic and technological cooperation and dispute settlement. “Both sides identified the areas of convergence and areas where they need to find creative solutions,” said an official press release.

“During this round, both sides reviewed implementation progress and decided to discard nine issues as resolved. Issues such as quota for clothing and pepper and procurement of medicines were also discussed and both sides decided to continue the discussion and explore new ways to resolve the matter,” it said.

ECTA was discussed by Prime Minister Narendra Modi and President Ranil Wickremesinghe during his visit to India in July.

“On the proposed ETCA, both sides agreed on the need to build on the progress made in the past while, where possible, reviewing their positions to take account of new developments. The conclusion of the negotiations is expected to open up new opportunities for trade and economic cooperation for both countries. The India-Sri Lanka ETCA will be a crucial step towards further improving bilateral trade between the two countries. “Both sides recognized the enormous potential of the India-Sri Lanka trade partnership and the opportunities for improved economic relations in areas of mutual interest,” the release said.

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