Colombo, Oct 15: With Sri Lanka having spent
40 million out of the 100 million USD from a credit extended
by India, New Delhi today released another 30 million dollars
to the island nation as the two countries were set to expand
bilateral trade ties to cover services and investments.
External Affairs Minister Yaswant Sinha told reporters
here that the Prime Ministers of the two countries will take
up the proposed Comprehensive Economic Partnership Agreement
(CEPA) during the Lankan leaders visit to the capital over
the weekend.
Prime Minister Ranil Wickremesinghe and Atal Bihari
Vajpayee will discuss the CEPA as the two countries were
committed to further increasing bilateral trade which
currently stands at an annual one billion dollars.
"We are working on this (CEPA) together and it will be
ready when the two prime ministers meet in New Delhi," Sinha
said shortly after bilateral talks with his Sri Lankan
counterpart Tyronne Fernando.
The two men concluded talks under the Joint Commission
which reviewed bilateral relations and trade cooperation for
the fifth time since 1998.
"Trade balance will gradually come down with Indian
companies able to import more things from Sri Lanka under the
Free Trade Agreement," Sinha said referring to FTA that is in
place since 1998.
Bureau Report
