SL – India trade to reach US$ 4 billion under the FTA
Minister Bathiudeen speaking at the summit
A Sri Lankan Minister says trade under the Indo-Lanka FTA will reach the figure of US$ 4 billion very soon.
Minister of Industry and Commerce Rishard Bathiudeen made this prediction when he addressed the 18th Hyderabad Partnership Summit 2012, which saw the participation of ministerial delegations from 47 countries.
Speaking further at the summit, Bathiudeen described the Indo-Sri Lanka FTA as the most significant and innovative commercial partnership entered between the two neighbors, so far.
Trade between Sri Lanka and India since the signing of the Free Trade Agreement between the two nations in 1998 have grown from US$ 650 million in year 2000 to over US$ 3 billion by 2010.
Both countries are currently discussing towards establishing a comprehensive economic partnership agreement between each other, which has seen protest from the Sri Lankan business community.
Sri Lanka and India is expected to hold bilateral discussions regarding both the FTA and the proposed CEPA later this year, when the Indian delegation is expected to visit Sri Lanka to attend the EXPO 2012.
