• Saturday, April 4, 2020

India, Sri Lanka target $10bn bilateral trade in next 3 years

Discussion in 'Central & South Asia' started by agamdilawari, Jun 29, 2013.

  1. agamdilawari

    agamdilawari FULL MEMBER

    Messages:
    976
    Joined:
    Jan 31, 2012
    Ratings:
    +0 / 3,644 / -1
    Country:
    India
    Location:
    India
    [​IMG]

    COLOMBO: India and Sri Lanka have agreed to take steps to double their bilateral trade to $10 billion in the next three years.

    During the talks between Indian and Sri Lankan officials held on June 24-25 in Colombo, both the sides deliberated on ways to enhance trade and investments between the two countries.

    "Recognizing that India is Sri Lanka's leading trade partner and that bilateral trade between the two countries has now reached $5 billion, it was agreed that the potential which remains to expand bilateral trade further to the tune of $10 billion would be exploited in the next three years," a statement issued by the Sri Lankan government said on Saturday.

    During the meeting, both the sides agreed that there is a huge potential to expand bilateral trade in a balanced manner through optimal utilization of the opportunities available between the two countries, it said.

    Sri Lanka's secretary to the Treasury, PB Jayasundera, said the talks covered entire gamut of economic, trade and development related issues between the countries.

    "Review of several elements in the current bilateral trade in relation to the Indo-Lanka free trade agreement will be undertaken over the coming months," he said.

    India has emerged as Sri Lanka's foremost development partner in public investment strategy through the provision of assistance and credit totalling $1.75 billion, Sri Lankan Treasury stated.

    Indian projects include the construction of 50,000 houses in the former conflict affected areas in the north and east and also in the central hill plantation areas.

    India would also assist in expanding public transport network infrastructure.

    Commerce Secretary SR Rao was also here for the meeting. India and Sri Lanka are discussing ways to widen the base of free trade agreement in goods by including services and investments.

    India's major exports to Sri Lanka include automobiles, mineral fuel, pharmaceuticals and iron and steel, while imports include natural rubber, poultry feed, copper and paper and paper products.

    India, Sri Lanka target $10bn bilateral trade in next 3 years - The Times of India
     
  2. kaykay

    kaykay ELITE MEMBER

    Messages:
    8,755
    Joined:
    Sep 3, 2011
    Ratings:
    +3 / 10,482 / -4
    Country:
    India
    Location:
    India
    Thats great.
     
  3. Lambada

    Lambada SENIOR MEMBER

    Messages:
    3,427
    Joined:
    Mar 18, 2010
    Ratings:
    +0 / 2,395 / -15
    Country:
    India
    Location:
    United Kingdom
    indeed a good news...
     
  4. Bobby

    Bobby BANNED

    Messages:
    2,127
    Joined:
    Dec 28, 2011
    Ratings:
    +0 / 1,537 / -8
    Country:
    India
    Location:
    India
    We should go for $10b with BD also :D
     
  5. Gibbs

    Gibbs SENIOR MEMBER

    Messages:
    7,081
    Joined:
    Feb 16, 2013
    Ratings:
    +10 / 11,148 / -2
    Country:
    Australia
    Location:
    Australia
    Indo Lanka trade would have much more potential if not for the Madrasi(Tamil Nadu) factor coming in to the relations.. India being forced to concentrate mainly around the former conflict areas and where the Tamils of Indian origin are concentrated in central province.. China have benefitted because of this.. Grabbing the best opportunities island wide