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Govt.: FTA More Favourable For India

Dec 1, 2010 8:21:33 PM - thesundayleader.lk

The government has said that the balance of trade between Sri Lanka and India is highly favourable for India since the signing of the Free Trade Agreement (FTA).

The Indo-Lanka FTA was signed in December 1988 and entered into force on March 18, 2010 and at that time the balance of trade stood at US$ 544.4 million in favour of India.

Industry and Commerce Minister Rishard Bathiudeen made this comment in parliament in response to a question posed by UNP MP Ravi Karunanayake.

The Minister’s response stated that the balance of trade between the two countries under the FTA in favour of India was US$665 million in 2002, US$835 million in 2003, US$972 million in 2004, US$881 million in 2005, US$1.3 billion in 2006, US$2,2 billion in 2008 and US$ 1.3 billion last year.