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Sri Lanka to re negotiate CEPA with India

The Sri Lankan government decided to renegotiate the Comprehensive Economic Partnership Agreement with India which has been hanging fire for the last few years.



Colombo: The Sri Lankan government today
decided to renegotiate the Comprehensive Economic Partnership
Agreement (CEPA) with India which has been hanging fire for
the last few years.

An inter agency committee will be set up to prepare a new
draft framework to restart the negotiations, the information
department said in a release here.

"The representatives of the India and Sri Lanka
Governments which met in November 2010 in Colombo noted the
significant progress made under the Indo-Sri Lanka Free Trade
Agreement (ISFTA).

"They reaffirmed the understanding that it would be
timely to build on this achievement through a more
comprehensive framework of economic cooperation`, it said.

Accordingly, Cabinet approval was granted to appoint an
Inter-Agency Committee on proposal made by the ministry of
industry and commerce.

"The Inter Agency Committee will comprise representatives
of the Ministries of Finance, Industry, External Affairs and
Economic Development and Departments of Immigration, Civil
Aviation, Board of Investment and the Attorney General" the
statement said.

There have been apprehensions in some quarters in Sri
Lanka that the proposed CEPA will give India greater advantage
in terms of getting professional jobs in the Island Nation
besides imbalances (in favour of India) in investment
opportunities between the two countries.

PTI

From Zee News

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