India and Sri Lanka set eyes on clinching CEPA soon

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India and Sri Lanka set eyes on clinching CEPA soon

SPECIAL CORRESPONDENT

India and Sri Lanka will work towards not only enhancing economic co-operation by doubling bilateral trade to $9 billion by 2017, but also for the early conclusion of the Comprehensive Economic Partnership Agreement (CEPA).

Three-day visit

Commerce and Industry Minister Anand Sharma will be in Colombo for three days from August 3. He will be meeting his counterpart Rishad Bathiudeen to discuss ways to widen the free trade agreement in goods and expanding it to include services and investments. He would also be attending the India Show.

Mr. Sharma is also scheduled to meet Sri Lankan President Mahinda Rajapaksa. “Mr. Sharma’s visit would set the tone for doubling the bilateral trade to $9 billion by 2017 and also move forward the dialogue process for early conclusion of CEPA,” an official statement said.

At present, bilateral trade stands at $4.5 billion. CEPA is aimed at liberalising trade in services and investments by updating existing agreements on investment protection and avoidance of double taxation. Mr. Sharma will also discuss the scope of strengthening the economic and trade cooperation between the two countries, it said.

Over 108 Indian companies would showcase a wide range of products and services, including automobile, engineering, infrastructure, tourism, food processing, ICT, financial services, pharmaceuticals and education.

The Hindu : Business / Economy : India and Sri Lanka set eyes on clinching CEPA soon

 

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India-Sri Lanka CEO's Forum to meet on Aug 4

Last Updated: Thursday, August 02, 2012, 18:26

New Delhi: India-Sri Lanka CEO's Forum will meet on August 4 to discuss ways to enhance trade and investments between the countries, industry body Ficci said today.

Bharti Airtel Chairman & Managing Director Sunil Bharti Mittal will be the Co-Chair from the Indian side, while Samson International Ltd Executive Director Kulathunga Rajpaksa has been appointed to Co-Chair from Sri Lanka.

The forum has been set up to develop a roadmap for increased cooperation and mutually beneficial economic partnership between the countries.

Commerce and Industry Minister Anand Sharma, who is on a three-day visit to Sri Lanka, would also participate in the forum.

"Following the signing of the FTA between India and Sri Lanka in 2000, we have seen both countries benefit with trade and investment flows going up over time. It is important that India and Sri Lanka now focus on new horizons and work together to sign a comprehensive economic partnership agreement (CEPA)," Ficci Secretary General Rajiv Kumar said in a statement.

It is anticipated that CEPA under discussion would be a significant catalyst to economic engagement.

The other participants of the Forum include NTPC Chairman Arup Roy Choudhury, Punj Lloyd Group Chairman Atul Punj, Bharat Hotels CMD Jyotsna Suri, Suzlon Energy CMD Tulsi Tanti and TVS Motor Company CMD Venu Srinivasan.

Bilateral trade between the countries stood at USD 4 billion in 2010-11 and has the potential to double to USD 8 billion within the next three years.

Sri Lanka is India's largest trade partner in South Asia while India is the largest trading partner globally for the neighbouring country.

India-Sri Lanka CEO's Forum to meet on Aug 4

 

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Sharma: India to set up SEZ in Sri Lanka

R.K. Radhakrishnan

India will help establish a special economic zone (SEZ) to manufacture auto components in Trincomalee, Indian Commerce Minister Anand Sharma said in Colombo on Friday. “I cannot talk about how much investment will happen in this. We have only decided this morning,” he said, in response to a question.

The SEZ will cater to auto manufacturing hubs in India, he said and added that India was keen to expand cooperation in these and related sectors.

The Indian Joint Task Force on the SEZ will be announced by Friday evening, he said, after inaugurating the India Show in Colombo on Friday. The JTF will submit its report within 90 days, he added.

The minister also announced the setting up of a pharmaceutical manufacturing hub in Sri Lanka. He said that within 30 days a team from the apex body governing pharma issues in India will visit Sri Lanka to work out the details.

Mr. Sharma said that India and Sri Lanka will aim to double the bilateral trade by 2015. This year, India-Sri Lanka trade crossed the USD 5 billion mark.

The signing of CEPA will make the current economic engagement more comprehensive by bringing more investment and services into Sri Lanka. Mr. Sharma said that the two Commerce Secretaries will resume dialogue on CEPA, and resolve all related issued. He asserted that Sri Lanka will be given preferential access to the “big Indian market.”

The Hindu : Business / Economy : Sharma: India to set up SEZ in Sri Lanka

 

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India, Sri Lanka to double trade to $10 bn by 2015

Aug 3, 2012

Colombo: India and Sri Lanka have set a target to double bilateral trade to $10 billion by 2015, India’s Commerce and Industry Minister Anand Sharma said today.

“We have set a target to double bilateral trade to $10 billion by 2015. Captains of industry have accepted and endorsed it,” Sharma said while addressing the inaugural function of “India Show” here.

Sharma along with Sri Lanka’s Minister of Economic Development Rishad Bathiudeen and Minister of Industry and Commerce Sarath Amunugama, inaugurated the event.

Reuters
Sharma said India was not seeking reciprocity in trade and economic relationship with Sri Lanka and assured Sri Lanka of preferential access to the large Indian market.

“Accepting the principle of asymmetry, that India has always done as the leading economy of South Asia, we are not seeking reciprocity,” he said.

Signing of the Comprehensive Economic Partnership Agreement (CEPA) will make the current economic engagement more comprehensive by bringing more investment and services into Sri Lanka.

The minister said the commerce secretaries of India and Sri Lanka will resume dialogue to resolve issues related to CEPA.

Earlier during a meeting with Sri Lankan ministers, Sharma offered India’s assistance to Sri Lanka in the establishment of a special economic zone for manufacture of engineering and automobile components to be located near Trincomalee, according to a statement released by the ministry of commerce and industry.

India, Sri Lanka to double trade to $10 bn by 2015 | Firstpost

 

[third eye]

The Island

Indian industrialists to invest US$ 5 bn in SL

*Plan to open two industrial zones
August 3, 2012, 12:00 pm

By Mario Andree

Visiting Indian Minister Anand Sharma yesterday announced that his country’s private sector would invest five billion US dollars in Sri Lanka.

Accompanied by 108 Indian corporate heads, India’s Minister of Commerce, Industry and Textiles Anand Sharma said it was time that the two countries looked at strengthening their economic partnership which would be facilitated by the proposed Comprehensive Economic Partnership Agreement (CEPA).

India would provide Sri Lanka preferential access to the large Indian market through the CEPA focusing on sharing the economic prosperity his country was enjoying with its neighbour. Yesterday morning, the visiting Indian minister had several discussions, on setting up two industrial zones in Sri Lanka, in order to increase exports from Sri Lanka.

According to him, there were no complex issues in the Indo-Lanka Free Trade Agreement which could not be solved. He said that the two countries needed to look at CEPA more interactively to achieve high growth rates.

India was ready, he said, to render support to Sri Lanka by preferential access to the large Indian market and also to assist the country financially to share his country’s economic prosperity.

He said the two countries would conduct several meetings on increasing trade and achieving the target of US$ 10 billion, from the current 5 billion, by 2015, utilizing the fullest potential of both countries.

Trade between the two countries had been low, despite the immense potential existing in both markets, he said adding that India was looking for more imports from Sri Lanka and the two governments were negotiating on several agreements which would be finalized shortly.

Sharma said that after the discussions with Economic Development Minister Basil Rajapaksa and Minster of Industry and Commerce Rishad Bathiudeen last morning India had decided to establish two industrial zones in the country to support Sri Lanka in achieving high growth.

He said the two governments decided to establish the two zones to provide employment and also promote exports to India. India wanted Sri Lanka to enter its value chain.

A joint committee will be appointed for the evaluation of an engineering, automotive and manufacturing zone in Trincomalee, Sharma said adding that they would finalise the Indian committee members by last evening.

He also said the country was looking at establishing a pharmaceutical zone in Sri Lanka and pointed out that there was a delegation appointed in that regard and they would arrive in Sri Lanka next month.