Sri Lanka is India’s largest trading partner in the South East Asia

[Lankan Ranger]

Sri Lanka is India’s largest trading partner in the South East Asia

India - Sri Lanka Trade Surges to US $5 Billion in 2012

The Indo- Sri Lanka Free Trade Agreement has resulted in a 10 fold increase in trade between India and Sri Lanka to US$5 billion in 2012 from $6 million in 2000 during this 12-year period, noted Zohra Chatterji, Secretary, Ministry of Textiles, Governmen of India.

She quoted these figures at the signing of the Memorandum of Understanding on cooperation in the development of SMEs in Handloom, Power loom and Textiles between India and Sri Lanka, which took place in Colombo this week.

The event preceded the opening of the 3-day India International Fabric Expo-Colombo 2013 (IIFE 2013), the first of its kind held in Colombo.

Ms Chatterji said that Sri Lanka is India’s largest trading partner in the South East Asia and this is due to the accomplishment of the Indo-Sri Lanka FTA.

There are 53 Indian textile exporters, she said, participating in IIFE 2013 from all over India and they all belong to the small and medium sector. She said that the collaboration in the textile industry between the two countries would bring in immense mutual benefits to both countries.

Ms Chatterji said that working together would bring in enough opportunities for both countries as the market for textile industry is always there and is ever growing for economic prosperity. She added that India can provide the Sri Lanka’s requirements of fabric and yarn.

Anura Siriwardene, Secretary, Ministry of Industry and Commerce, Sri Lanka said that Lanka and India have always been together with centuries of bilateral relations as well as trade relations and when speaking of modern times the bilateral trade which was started in 1988 accelerated with the signing of the FTA between the two countries in 2000.

He said that there is a notable appreciation of garment exports to India during the first seven months of this year compared to the last year’s figures. This year’s figure for the period to July stood at $2.3 billion slightly over last year’s corresponding period of $2.29 billion.

The Power Loom Development and Export Promotion Council, India (PDEXCIL) organized the IIFE 2013. The main objective of establishing PDEXCIL has been to promote the power loom weaving industry in India by its modernization and growth and to market power loom products in the domestic and export markets.

Basil Rajapakse, Minister of Economic Development declared open the IIFE 2 exhibition.

Indo-Lanka FTA trade surges to $5 bln in 2012 from $600 mln in 2000 | The Sundaytimes Sri Lanka

 

[Lankan Ranger]

 

[Skyline]

South East Asia ?

 

[Yogi]

South East Asia ?

Our trade with SE Asia is much more in comparision to SAARC, India's bilateral trade with Indonesia alone was $14 billion in 2011 n its projected to reach $45 billion by 2015 due to signing of FTA.

 

[Android]

I don't Understand many Bangladeshis and Sri Lank an members trying to portray Their country as South East Asian rather than South Asian despite the fact that India is geographically more closer to the South East Asian region than SL or BD due to North East India and Andaman & Nicobar Islands

 

[Lankan Ranger]

Our trade with SE Asia is much more in comparision to SAARC, India's bilateral trade with Indonesia alone was $14 billion in 2011 n its projected to reach $45 billion by 2015 due to signing of FTA.

I don't Understand many Bangladeshis and Sri Lank an members trying to portray Their country as South East Asian rather than South Asian despite the fact that India is geographically more closer to the South East Asian region than SL or BD due to North East India and Andaman & Nicobar Islands

Hmm…. But Indian Secretary Says….. It may be a mistake………

Sri Lanka is India’s largest trading partner in the South East Asia and this is due to the accomplishment of the Indo-Sri Lanka FTA - Zohra Chatterji, Secretary, Ministry of Textiles, Government of India.

 

[Yogi]

Hmm…. But Indian Secretary Says….. It may be a mistake………

Sri Lanka is India’s largest trading partner in the South East Asia and this is due to the accomplishment of the Indo-Sri Lanka FTA - Zohra Chatterji, Secretary, Ministry of Textiles, Government of India.

Bcoz our Politicians r Dumda$$ thats why we r in such a bad shape these days, although every country has its own bunch of idiots but unfortunately, i think we top the chart...

 

[Saradiel]

South East Asia ?

yeah I think it should be south asia

Bcoz our Politicians r Dumda$$ thats why we r in such a bad shape these days, although every country has its own bunch of idiots but unfortunately, i think we top the chart...

I dont think any country can top that chart except SL. We have too many dumba$$es.

Anyway India hasnt really be helpful towards SL exporters. They face many problems when exorting to india. If India helps SL exporter, wont that create good relations and even create a favourable attitude towards india among avg SLn

 

[Echo_419]

Hmm…. But Indian Secretary Says….. It may be a mistake………

Sri Lanka is India’s largest trading partner in the South East Asia and this is due to the accomplishment of the Indo-Sri Lanka FTA - Zohra Chatterji, Secretary, Ministry of Textiles, Government of India.

Lets forget these Minor Details & Celebrate India-Sri Lanka trade may reach 50 Billion
Hindi-Srilankan Bhai Bhai

 

[Yogi]

Anyway India hasnt really be helpful towards SL exporters. They face many problems when exorting to india. If India helps SL exporter, wont that create good relations and even create a favourable attitude towards india among avg SLn

Can u clarify the bold part a bit, i mean r there any SL specific trade barriers or u think some concessions r missing which r available while dealing with SL's other trading partners?
AFAIK there was some increase in quota limit for import of SL textile at lower duty some months back.

One more thing, although i don't know much about Indian policies towards SL but SL's policies haven't been much great either as last i remember there were some huge increase in import duties on vehicles which hurt Indian exports pretty bad as SL's is an imp market for them.

Ofcourse i agree that the trade in considerably in India's favour n steps should be taken for equal playing feild but still if u compare it with SL-China trade, we r still saints.

 

[Saradiel]

Can u clarify the bold part a bit, i mean r there any SL specific trade barriers or u think some concessions r missing which r available while dealing with SL's other trading partners?
AFAIK there was some increase in quota limit for import of SL textile at lower duty some months back.

One more thing, although i don't know much about Indian policies towards SL but SL's policies haven't been much great either as last i remember there were some huge increase in import duties on vehicles which hurt Indian exports pretty bad as SL's is an imp market for them.

Ofcourse i agree that the trade in considerably in India's favour n steps should be taken for equal playing feild but still if u compare it with SL-China trade, we r still saints.

Actually it is more like SL Gov not expoliting the opportunities in India. That is one reason. Also SL exporters face a lot of problems especially at customs. For example the customs do not release items imported from SL though they are completely eligible. It is more like local indian businesses bribe customs and block Lankan imports. I have heard such things.

SL being the largest trading partner of india in South asia speaks volumes of how exactly SL has been helpful for india in its policies. That too given the trade is being favourable hugely to india. Corruption, nepotism and stupid economic policies has impacted SL businesses negatively.

About tax on cars, it was not intended to block indian cars. It was defined for smaller vahicles like under 1000cc (I am not sure), as most indian imports fall under this category it hit india badly. the decision was more likely to control vehicle import and to minimize traffic congestion. (Or to make room for the big Prius, SUVs at the cost of small Marutis and Three wheelers).

However india and comapnies like Bajaj and Maruti talked with SL gov and that tax is no more

 

[Umair Nawaz]

Sri Lanka is India’s largest trading partner in the South East Asia

India - Sri Lanka Trade Surges to US $5 Billion in 2012

The Indo- Sri Lanka Free Trade Agreement has resulted in a 10 fold increase in trade between India and Sri Lanka to US$5 billion in 2012 from $6 million in 2000 during this 12-year period, noted Zohra Chatterji, Secretary, Ministry of Textiles, Governmen of India.

She quoted these figures at the signing of the Memorandum of Understanding on cooperation in the development of SMEs in Handloom, Power loom and Textiles between India and Sri Lanka, which took place in Colombo this week.

The event preceded the opening of the 3-day India International Fabric Expo-Colombo 2013 (IIFE 2013), the first of its kind held in Colombo.

Ms Chatterji said that Sri Lanka is India’s largest trading partner in the South East Asia and this is due to the accomplishment of the Indo-Sri Lanka FTA.

There are 53 Indian textile exporters, she said, participating in IIFE 2013 from all over India and they all belong to the small and medium sector. She said that the collaboration in the textile industry between the two countries would bring in immense mutual benefits to both countries.

Ms Chatterji said that working together would bring in enough opportunities for both countries as the market for textile industry is always there and is ever growing for economic prosperity. She added that India can provide the Sri Lanka’s requirements of fabric and yarn.

Anura Siriwardene, Secretary, Ministry of Industry and Commerce, Sri Lanka said that Lanka and India have always been together with centuries of bilateral relations as well as trade relations and when speaking of modern times the bilateral trade which was started in 1988 accelerated with the signing of the FTA between the two countries in 2000.

He said that there is a notable appreciation of garment exports to India during the first seven months of this year compared to the last year’s figures. This year’s figure for the period to July stood at $2.3 billion slightly over last year’s corresponding period of $2.29 billion.

The Power Loom Development and Export Promotion Council, India (PDEXCIL) organized the IIFE 2013. The main objective of establishing PDEXCIL has been to promote the power loom weaving industry in India by its modernization and growth and to market power loom products in the domestic and export markets.

Basil Rajapakse, Minister of Economic Development declared open the IIFE 2 exhibition.

Indo-Lanka FTA trade surges to $5 bln in 2012 from $600 mln in 2000 | The Sundaytimes Sri Lanka

Wow so when did Srilanka a South Asian Country became a South East Asian country.

This News is flawed.

 

[Yogi]

Actually it is more like SL Gov not expoliting the opportunities in India. That is one reason. Also SL exporters face a lot of problems especially at customs. For example the customs do not release items imported from SL though they are completely eligible. It is more like local indian businesses bribe customs and block Lankan imports. I have heard such things.

It might have been the case of some bad apples but i don't think overall there is much problems, for eg. the Green Tea i drink is made in SL n I live in North India.

SL being the largest trading partner of India in South asia speaks volumes of how exactly SL has been helpful for india in its policies. That too given the trade is being favourable hugely to india. Corruption, nepotism and stupid economic policies has impacted SL businesses negatively.

To be very frank we South Asians have very poor regional trade, so IMO the volumes don't speak much.

One reason could be that since we both r developing nations with similar climatic conditions, so similar exports n similar imports. Plus since India is more industrially developed than SL so value added products from SL have limited scope in India.

About tax on cars, it was not intended to block indian cars. It was defined for smaller vahicles like under 1000cc (I am not sure), as most indian imports fall under this category it hit india badly. the decision was more likely to control vehicle import and to minimize traffic congestion. (Or to make room for the big Prius, SUVs at the cost of small Marutis and Three wheelers).

However india and comapnies like Bajaj and Maruti talked with SL gov and that tax is no more

I didn't say it was India specific but yes it did hit some Indian exports pretty hard as they were the prime exporters.

However, there is still a long way to go for both countries.

I for one belive that there is a immense potential for tourism between SL n India, as compared to any of our other neighbours.